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Republic Bank records US$300M in fourth quarter profits
Republic Bank records US$300M in fourth quarter profits
Kaieteur News- Chairman of Republic Financial Holdings Limited (RFHL), Vincent Pereira, announced on Tuesday that the Group achieved a profit attributable to equity holders of US$300 million for the year ended September 30, 2024.
This is an increase of US$38 million or 14.6% over the 2023 reported profit of US$262 million, the bank said in a press release. In announcing the results Mr. Pereira said, “throughout this past year, the Group has made notable progress in executing on our strategy. By maximising the value of our core business segments—retail, mortgage, SME, and corporate markets— and through the Group’s commercial excellence programme, we continued to optimise efficiency and to simplify the way the Group delivers performance. In addition to this, we continue to strategically expand in the areas of insurance and wealth management. This value-led growth approach has enabled us to solidify our market presence while continuing to create space to explore new opportunities.”
He added: “The Board of Directors has declared a final dividend of US$0.53 per share, bringing the total dividend to US$0.85 per share for the fiscal year (2023: US$0.78), an increase of 9.6% or US$0.07, over the previous year, in line with the 9.2% increase in core profits after tax. The final dividend will be paid on December 4, 2024, to shareholders on record as of November 21, 2024. With a closing share price of US$16.75, this equates to a dividend yield of 5.09% (2023: 4.30%). The Group’s capital adequacy ratios remain robust across all countries and at the consolidated level.”
In addition to reporting the fourth quarter results, Mr. Pereira also took the opportunity to address work being undertaken by the Group on the sustainability front. “During 2024, the Group continued to grow its Sustainability Capability and Focus, ensuring that this remains a priority as we make strides in reducing our environmental footprint, improving energy efficiency, and supporting our customers through financing for sustainable growth.
In line with this commitment, Republic Bank Limited hosted its inaugural Sustainability Expo on September 13 and 14, 2024 in Trinidad and Tobago featuring 126 exhibitors and attracting over 3000 participants. The Expo was a success and provided a platform for like-minded businesses and consumers to explore innovative solutions aligned with the Group’s sustainable finance practices and long-term growth.”
Pereira said, “On behalf of the Board of Directors, I extend my profound thanks to our valued shareholders, our customers and business partners, for your continued support and trust in RFHL. Your commitment is the foundation of our success, and we are grateful for the confidence you place in us. We look forward to sharing more successes with you as we work together to continue to grow and strengthen our organisation. I am excited by what lies ahead for the Republic Financial Holdings Limited Group.”
(Republic Bank records US$300M in fourth quarter profits)
- and corporate markets, mortgage, profit attributable, Republic Financial Holdings Limited, Retail, SME, Vincent Pereira
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