Chairman: Ronald Harford

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$285m profit for Republic

The Republic Bank Group has recorded a profit attributable to shareholders of $285 million for the first quarter ended December 31, 2012.

This represents an increase of five per cent over the corresponding period last year, the bank said in a statement yesterday.

The group's assets are now $54.2 billion, which, when compared to that of December 2011, reflects growth of ten per cent as well as a five per cent increase over the year ended September 2012.

Chairman Ronald Harford, in announcing the results, noted, "While we continue to be challenged locally by high liquidity, falling interest rates and minimal investment opportunities, we are encouraged by the upswing in credit demand, reflected in the five per cent increase in our advances portfolio year-on-year."

Harford said the bank's success in its bid to  purchase the non-controlling interest in Republic Bank (Barbados) Ltd resulted in a 98.6 per cent shareholding as at December 31, 2012, with the remaining 1.4 per cent shareholding to be transferred in the second quarter.

"The year has started off with the promise of increased economic activity, which bodes well for the future," he added.

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