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Republic Bank records 6-month profit of $560.8m

 Republic Bank has recorded a six-month profit of $560.8 million for its half-year ended March 31, 2014, the bank said yesterday. 

This represents a 1.5 per cent increase over the same period the previous year. 

The company’s total assets increased by 6.9 per cent from March 2013, and 1.8 per cent from September 2013; it now stands at $58.6 billion at March 31, 2014, the bank said in a statement.

Republic chairman Ronald Harford said, “Our operations in Trinidad and Tobago and Guyana continue to perform well, however, Barbados and the Eastern Caribbean are still experiencing economic challenges. As required by accounting standards, we have written down the value of the goodwill on our investment in Barbados by $185 million. The effect of this was offset by a gain of $210 million on the sale of shares held in Visa Inc, which was a non-strategic investment. Shareholders are aware that your bank acquired 40 per cent of HFC Bank Ghana in 2013 and this investment has performed in accordance with our expectation. As previously announced, we are in the process of making a mandatory takeover bid for the remaining shares.” 

On Wednesday, the bank officially made a mandatory offer to HFC’s other shareholders, as per Ghana’s Security and Exchange Commission’s rules for any entity that owns more than a 30 per cent interest in a company. 

Harford said he was confident that, barring any unforeseen circumstances, the Group’s results for the remainder of the year are expected to be in line with that achieved for the first half of the year.

The bank’s board has declared a half-year dividend of $1.25 (2013:$1.25) per share, payable on May 29.

Republic’s shares ended trading on the Trinidad and Tobago Stock Exchange yesterday at $120.35 per stock unit. 

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