Saturday, February 17, 2018

Republic records $869.1m net profit for 3rd quarter



Mark Fraser

 The Republic Bank Group has recorded a net profit attributable to shareholders of $869.1 million for the third quarter ended June 30. 

This represents an increase of 1.3 per cent over the corresponding period last year, the bank said yesterday. 

 Chairman Ronald Harford, in announcing the bank’s results said, “The Group is encouraged by the growth in our total assets and loan portfolio of six per cent and 8.5 per cent respectively, over the corresponding period in 2013 and the decline in non-performing loans to 3.6 per cent of total loans.” 

This, he added, was a reflection of the improved performance in the economies of Trinidad and Tobago and Guyana and is tempered somewhat, by the continued weak economic performance in Barbados and the Eastern Caribbean.

 In speaking on the investment in HFC Bank Ghana, Harford said, “In April, 2014, as mandated by the Ghana Code on Takeover and Mergers and after obtaining approval from the Central Bank of Ghana, the Group submitted an Offeror Statement to HFC Bank Ghana and the Securities and Exchange Commission (SEC) of Ghana, in which it was announced that Republic Bank would make an offer to all the shareholders of HFC Bank Ghana to purchase the remaining 60 per cent  shareholding.” This, however, is now subject to legal challenge before the courts in Ghana. 

Republic Bank continues to pursue avenues to amicably resolve this matter, the bank said.