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Republic Financial Group records US$228.4M in end-of-year profits
Kaieteur News – Republic Financial Holdings Limited (RFHL) on Monday announced that it has recorded an end-of-year profit of US$228.4M. This represents an increase of US$32.6 M or 16.7 percent over the 2021 reported profits of US$195.8 M, and US$8.1 M or 3.5 percent below the 2019 reported profits of US$236.7 M.
RFHL, the parent company of Republic Bank, is headquartered in Trinidad and Tobago.
Chairman of RFHL, Vincent Pereira
The Chairman of RFHL, Vincent Pereira said that the profit is attributable to equity holders for the year ended September 30, 2022. He said this year’s profit performance reflects the impact of the Group’s expansion, revenue diversification and cost management strategies, the uptick in economic activity as well as the increase in yields in the US dollar denominated financial instruments held across the Group.
“Over the past financial year, the countries in which RFHL operates continued to relax their COVID-19 protocols. Borders and schools were re-opened, restrictions on gatherings and public mask mandates were removed and almost all commercial activities resumed. The resulting resurgence of economic activity, especially in the tourism dependent economies, augured well for the Group. Throughout this period RFHL continued to serve its stakeholders, providing support to our customers as they navigated new challenges to their business model. We also worked to improve the customer experience through increased investment in our digital offerings,” Pereira said.
Further, the Chairman said that in 2022 RFHL has strengthened its sustainability focus, by adding capacity and executing capability to the Group through the creation of an Office of Sustainability.
“Additionally, through our Group flagship Power to Make a Difference Programme we are forging new, valued partnerships with NGOs and groups whose specific focus aligns to the pillars of our sustainability and Environmental, Social and Governance (ESG) effort. By continuing our focus on responsible banking and sustainability, our goal is to actively shape a more sustainable future for all,” he said.
The Board of Directors has declared a final dividend of US$0.52 (2021: US$0.45) per share, which brings the total dividend to US$110.1 M or US$0.67 (2021: US$0.60) per share for the fiscal year, an increase of 12.5 percent in total dividend payment over 2021, and in line with the 2019 dividend payment. At a closing share price of US$20.96, this dividend represents a dividend yield of 3.21 percent (2021: 2.93%). The final dividend will be paid on December 1, 2022, to all shareholders of record on November 17, 2022.
Describing the 2022 performance as “good” despite both challenges and uncertainty, Chairman Pereira said that, “This success could not have been realized without the talented, resilient and dedicated staff across each of the fourteen (14) countries in which we operate. For their continued high level of commitment and their dedication to our customers, I am truly grateful.”
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