Latest update November 21st, 2024 1:00 AM
Republic Bank Group reports TT$1.1B profit
-taps Guyana, TT for seeing more growth
Republic Bank Group has reported a TT$1.1B profit with projections expecting 2012 to see only Guyana and Trinidad likely to achieve better growth rates.
According to the bank’s Chairman, Ronald Harford, these better growth rates will have to do more with the fact that the two countries are resource rich and are likely to rebound more from the global financial turmoil.
Republic Bank has subsidiaries in Barbados, Grenada and the Cayman Islands, among other places.
Ronald Harford
In a statement issued Thursday, Harford stated that total assets now stand at $47.3 billion, reflecting an increase of three per cent over last year.
“This performance was achieved against the background of the serious debt crises being faced by Europe and the United States, which continue to have a negative ripple effect on the tourism-reliant economies of the Caribbean.”
Harford noted that the outlook for 2012 is one of flat performances across the region, except “for resource-endowed countries like Guyana and T&T, where better growth rates are expected.” “We remain hopeful that Government’s recent 2011/2012 budget presentation, which focused on job creation, spurring investment and national security, will contribute to an improved economic environment.”
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