Latest update December 21st, 2024 1:52 AM
Republic Bank records $552.5M half-year profit
For the half year ended March 31st, 2013, Republic Bank Limited has recorded profit attributable to shareholders of TT$552.5M, an increase of 0.4% over the corresponding period last year.
Republic Bank’s Group Chairman, Ronald Harford
In announcing the results, Republic Bank’s Group Chairman, Ronald Harford, said, “The performance for the current period was adversely impacted by an impairment charge of $49M for the recently defaulted Government of Grenada Bond, booked in accordance with applicable International Financial Reporting Standards.”
He added, “The recent upswing in credit demand and strong growth in other income, have helped the Group achieve a satisfactory half-year performance.”
Total assets now stand at TT$54.8B, an increase of 8.2% over March 2012 and 6.3% over the year ended September 2012.
“Should these trends continue, we expect to sustain this performance through to the fiscal year end,” he ended.
The Board of Directors has declared a half-year dividend of $1.25 (2012: $1.25) payable on May 31st 2013.
Harford expressed his appreciation for the continued support of management, staff and customers of the Group.
Republic Bank, headquartered in Trinidad and Tobago, has several branches in Guyana and around the Caribbean.
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