GROWTH WILL CONTINUE: Ronald F deC Harford

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RBL records $1.2b profit

Republic Bank Limited has recorded profit attributable to equity holders of $1.2 billion, for the financial year ended September 30. This represents a 3.3 per cent improvement on the corresponding 2011 period.

In announcing the results, Republic Bank's chairman, Ronald F deC Harford, said, "The Group's total assets are now $51.6 billion, up 9.4 per cent from September 30, 2011, driven by increases in liquid assets and to a lesser extent, an increase in advances. We are encouraged by the 6.6 per cent growth in advances, and are optimistic that growth will continue in the next fiscal year."

The Board of Directors has declared a final dividend of $3 (2011: $2.75), payable to shareholders on December 3. This brings the total year dividend to $4.25 – a 6.3 per cent increase over the $4 which was paid in 2011 to shareholders. Harford noted that this dividend, combined with the capital appreciation of our share over the year, amounts to a very satisfactory total return to shareholders.

The CLICO Investment Fund, which was launched on November 1 comprises 40.3 million Republic Bank shares. CLICO Short Term Investment Products (STIP) holders who exchange their 11-20 year Zero Coupon Bonds for Units in this Fund will benefit from $120.8 million of this dividend payout, when the Fund pays dividends in February, 2013.

Harford added that, "The transfer of these shares to the CLICO Investment Fund for the benefit of its Unitholders has reduced CL Financial Group's shareholding in Republic Bank Limited from 51.4 per cent to 26.5 per cent."

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