Tuesday, February 20, 2018

Republic profits climb*


Republic Bank yesterday reported profit after tax of $361.7 million for its first quarter ending December 31, 2017, which is a 5.4 per cent increase over the $343.2 million it declared in the same quarter a year ago.

In announcing the results, the chairman of the Republic Bank's holding company Ronald Harford said the improvement in profitability was driven mainly by better performance in the Group's overseas territories. “The profitability of the Trinidad and Tobago subsidiaries declined because of an increase in loan impairment expense of $34 million and increase in taxation of $14.4 million, arising from the five per cent higher tax rate,” he said.

 

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