REPUBLIC Financial Holdings Limited (RFHL) has recorded a profit attributable to shareholders of US$184.5 million for the nine-month period that ended June 30, 2019.
This represents an increase of US$35.8 million or 24.1% over the corresponding period of the last financial year, the bank said in a release on Friday. In announcing the results, the Group’s Chairman, Ronald F. Harford said, “As reported at the half year that ended March 31, 2019, there were two significant one-off items, the net impact of which increased profits by US$13.9 million.

Excluding the impact of these items, the Group’s core profit was US$170.6 million, US$21.9 million or 14.7% more than the prior period. Apart from RBL Barbados, there was a general improvement in profitability across the Group, with the RBL Trinidad and Tobago Group (US$9.8 million) and Cayman National Corporation (US$8.6 million) being the main contributors to the significant increase in core profitability. Approximately one-third of our core profits are generated from our overseas operations.

Total assets stood at US$12.8 billion at June 30, 2019, an increase of US$2.4 billion or 22.4% over that of June 2018. This was mainly due to the acquisition of Cayman National Corporation on March 13, 2019 which added US$1.7 billion to the Group’s asset base.
RFHL previously announced the commencement of the process to acquire Scotiabank’s banking operations in Guyana, St. Maarten and the Eastern Caribbean (Anguilla, Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines). “We continued to engage the various regulators, whose approvals are required for the acquisition, through meetings and/or providing information. We expect this strong performance to continue for remainder of the fiscal year.”

Mr. Harford expressed his appreciation for the continued support of management, staff and customers of the Group.