The Republican Banking Group’s earnings are still growing and have managed to counteract the recessionary economic conditions in its operating jurisdiction.
A regional financial institution headquartered in Trinidad and Tobago reported on the last three quarters of the fiscal year and announced that shareholder profits reached US $ 155.1 million (310.2 million BDS). This was about US $ 40 million (80 million BDS) more than last year’s total of US $ 115.9 million (231.8 million BDS).
Shareholders of the Bank of the Republic enjoyed the return on this performance as earnings for the previous fiscal year increased from $ 0.71 per share to $ 0.95.
Republic Group Chairman Vincent Pereira acknowledged the impact of the COVID-19 pandemic on the countries in which the bank operates.
“The uncertainty of the COVID-19 pandemic continues to affect the economy in which the Republic Financial Holdings Limited Group operates. Vaccination programs have been launched in many countries, but with the resumption of tourist arrivals. Recovery remained gradual and was sometimes interrupted by an increase in COVID-19 cases.
“The group continues to support its customers, communities and staff through loan payments, interest and fee concessions, enhanced business support, medical and educational supplies donations, and staff vaccination programs,” Pereira said. He told investors.
However, against this backdrop, the banking group recorded a 33.8% increase in profits attributable to shareholders.
“The improved results will have the impact of the June 2020 acquisition of the British Virgin Islands (BVI) business, a reduction in allowance for doubtful accounts, and an overall improvement in operating profitability of Ghana (Africa) and Cayman National Corporation. It reflects, “he added. ..
According to the Chairman of Republic Holdings, positive progress was partially offset by lower net interest margins, fees, and fee income across various business locations.
Pereira said low interest rates, fees and fees represent the bank’s decision to maintain concessions to customers from the outbreak of a pandemic.
Republic Holdings’ total assets were $ 16.2 billion (32.4 billion BDS) as of June 30, an increase of US $ 437.7 million (875.4 million BDS) compared to the same period in 2020. Bank lending and prepaid portfolios also increased. Almost 10 percent.
The chair said: “Despite the uncertainties during the COVID-19 pandemic, we are confident that the Group is in a good position to continue to support the recovery efforts of the economy in which we operate. Pereira continues to support the promotion of vaccination across the Group’s territory. ”Pereira’s“ collective creativity and diligence ”of the people of the region is a more resilient economic renewal. He expressed his conviction that it would bring about an emergence. (IMC1)
Republic Bank Group Revenue Increases
Source link Republic Bank Group Revenue Increases