Latest update March 23rd, 2025 9:41 AM
Latest News
- ExxonMobil dodges question on whether operations can lead to cancer, other diseases
- Govt., and Opposition MPs a no-show at Exxon’s public meetings on 8th project
- Trump revokes legal status for 530,000 immigrants in the US
- Over 200 affected after fire destroys section of Critchlow Labour College
- Govt. issues order to acquire more land for Gas-to-Energy project
Republic Bank Group rakes in US$150M in half-year profits
Kaieteur News – The Chairman of Republic Financial Holdings Limited (RFHL), Vincent Pereira, announced this week that the Group recorded profit attributable to its equity holders of US$150 million for the six-month period ended March 31, 2024.
Chairman of Republic Financial Holdings Limited (RFHL), Vincent Pereira
This represents an increase in profits after tax of US$32 million or 27% over the US$118 million reported in the corresponding period of the last financial year, the Bank said in a press release. Excluding one-off losses reported in the prior period, core profits after tax and non-controlling interest increased by US$19 million or 15%. Total assets stood at US$17.6 billion at March 31, 2024, an increase of US$0.5 billion or 3.0% over the total assets at March 2023.
In announcing the results, Mr. Pereira said, “The Republic Financial Holdings Limited Group (the Group) has delivered a strong performance for the half-year ended March 31, 2024. Throughout this six-month period, the Group continued to focus on advancing our strategic objectives, strengthening our market position across all the markets in which we operate, improving customer experience and maintaining our focus on delivering outcomes that are aligned to our sustainability commitments. This drive has resulted in enhanced performance across all the 16 countries in which the Group operates, as demonstrated by an increase of US$0.8 billion or 9.4% in the Group’s total loan portfolio and the sustained performance in our investment portfolio which continues to benefit from the current high interest rate environment.”
He added, “The Group remains vigilant in monitoring the rapidly changing external operating environment, and we continue to demonstrate agility and resilience in seizing opportunities and navigating challenges to sustain the Group’s performance.”
Based on these results, the Board of Directors has declared its second quarterly interim dividend of US$0.09 per share payable on May 29, 2024 to all shareholders on record at May 10, 2024. This brings the total dividend for the period to US$0.17, an increase of US$0.01 or 4.5% over the total US$0.16 paid in March 2023.
He went on to say “Our strategic emphasis on improving employee engagement, enhancing customer experience and satisfaction together with delivering on our digitisation plan, will continue to add value to all stakeholders. As such, we look ahead to the coming quarters with confidence and optimism. In closing, Mr. Pereira said, “I would like to express my appreciation and thanks to all the members of the RFHL Team for their continued high level of commitment and to our valued customers for their dedication and loyalty.”
- Chairman, Chairman of Republic Financial Holdings Limited (RFHL), million, Press Release, Vincent Pereira
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
Teen arrested over uncle’s murder after sharing burial plan with relative
Kaieteur News- A teenager of Tabatinga, Lethem, Central Rupununi, Region Nine was arrested for murder on Friday after he... more
The Caribbean: Destined to Grin and Bear the Consequences of Its Self-Created Vulnerabilities?
By Sir Ronald Sanders For decades, many Caribbean nations have grappled with dependence on a small number of powerful countries... more
Weekend Cartoon
