Republic Bank raked in a profit of US$58.4M for the quarter ending December 31, 2020, Chairman of Republic Financial Holdings Limited (RFHL), Vincent Pereira, announced on Monday.
In announcing the results, Pereira said, “Compared to the First Quarter of 2020, these results reflect the negative impact of the Covid-19 pandemic since we experienced a reduction in both our net interest margins and fees and commissions. This was off-set by the positive impact of our acquisition of the British Virgin Islands (BVI) operations in June 2020. The net result is an increase of US$2.6 million or 4.6% over the corresponding period last year.”
Total assets stood at US$15.6 billion at December 31, 2020, an increase of US$380.8 million or 2.5% over the total assets at December 2019. In a statement, the bank explained that the increase was mainly due to the BVI acquisition in June 2020.
“The uncertainty over the duration of the COVID 19 pandemic and the timing of any economic recovery will continue to place downward pressure on our performance. However, we remain confident of the future as our strong capital base and our robust governance structure will provide the platform to meet the challenge. Our focus remains on building the Group’s resiliency through various initiatives aimed at improving efficiency, supporting our customers through these trying times, expanding our suite of electronic products and making it easier for clients to access these products remotely,” Pereira explained.
He said going forward, the bank will continue to work with its customers even as it provides a safe working environment for its employees and assist communities through its ‘Power To Make a Difference Programme.’
