Latest update February 7th, 2025 10:13 AM

Guyana's largest selling daily and New York's most popular weekly

Latest News

Republic Financial Holdings records US$59.73M in first quarter profits

Feb 04, 2023 News

Kaieteur News – Chairman of Republic Financial Holdings Limited (RFHL), Vincent Pereira announced this week that the Group recorded profit attributable to its equity holders of US$59.73 million for the three-months ended December 31, 2022.

This represents an increase of US$0.65 million or 1.10% over the US$59.08 million reported in the corresponding period of the last financial year, the bank said in a press release. Total assets stood at US$16.95 billion at December 31, 2022, an increase of US$243.1 million or 1.45% over the total assets at December 2021.

This increase was fuelled by growth in customer deposits across our subsidiaries in Trinidad and Tobago, Guyana, Barbados, the Eastern Caribbean, and Suriname.  In announcing the results, Mr. Pereira said, “The Group’s first quarter results reflect the strong performance of our US dollar denominated subsidiaries in the Cayman Islands and the British Virgin Islands because of the rising interest rate environment, together with the continued recovery in most of our Caribbean subsidiaries.

These gains were offset by a specific credit loss arising out of the Government of Ghana’s restructuring of its domestic and international debt, a condition of that country’s December 2022 Staff- Level Agreement with the International Monetary Fund for a three-year US$3 billion Extended Credit Facility. This credit loss negated the otherwise strong operating performance of our subsidiary in Ghana. The overall net improvement does highlight the value of the Group’s international diversification strategy and the resilience of our operations.  We remain confident that the underlying strength of the Group will enable us to continue to manage any challenges ahead.” In closing, Mr. Pereira said, “I would like to express my gratitude and thanks to all the members of the RFHL Team for their commitment as we continue to serve our clients and communities with excellence.”

Similar Articles

The Glenn Lall Show | February, 3rd, 2025

Follow on Tik Tok @Glennlall

THE BLUNT OF THE DAY

Sports

Corbin century, fast-bowlers give CCC lead as champs face stern Day 3 test

Corbin century, fast-bowlers give CCC lead as champs face stern Day 3...

Feb 07, 2025

2025 CWI Regional 4-Day Championships Round 2…GHE vs. CCC Day 2 -Eagles (1st innings 166-6, Imlach 58*) trail CCC by 209 runs  Kaieteur Sports- Combined Campuses and Colleges (CCC) owned Day 2...
Read More
Powerlifting to kick off year with Novices/Juniors on February 16

Powerlifting to kick off year with...

Feb 07, 2025

North Essequibo cart off ECB Busta-sponsored T20 trophy

North Essequibo cart off ECB Busta-sponsored T20...

Feb 07, 2025

Construction progress of five New Stadiums, Palmyra leading the charge

Construction progress of five New Stadiums,...

Feb 07, 2025

Inclement weather forces BCB to halt cricket competitions in Berbice

Inclement weather forces BCB to halt cricket...

Feb 07, 2025

EBDCA/D&R Construction 40-Over Cricket Competition continues

EBDCA/D&R Construction 40-Over Cricket...

Feb 06, 2025

Features/Columnists

Publisher’s Note

Freedom of speech is our core value at Kaieteur News. If the letter/e-mail you sent was not published, and you believe that its contents were not libellous, let us know, please contact us by phone or email.

Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]