10% increase in profits for Republic

The content originally appeared on: Trinidad and Tobago Newsday

Republic Bank’s Rio Claro branch. File photo.

Republic Financial Holdings Ltd recorded a ten per cent increase in profits for the nine months of the financial year ended June 30.

According to its unaudited financial results for the financial year, the group posted profits of $1.15 billion, an increase of $109.7 million over the same period in the last financial year, when the group earned $1.04 billion.

The group’s performance also saw an increase, albeit modest, to core pre-covid19 third-quarter performances, posting $6.3 million or 0.6 per cent increase to performances before covid19.

Chairman Vincent Pereira said the group benefited from rising interest rates on US-dollar-denominated securities in some operations, along with continued relaxation of covid19-related protocols, in all the countries where the group operates.

He said the increase was also funded by growth in customer deposits across subsidiaries in the Cayman Islands, Eastern Caribbean, Guyana and Barbados.

“Amid continued economic uncertainty, the group remains focused on cost management, improving the experiences of our clients and staff through increased investment in our digital offerings and continuing to provide a safe working environment for our teams,” Pereira said.