… US$21.6 million increase for the half-year period
Republic Financial Holdings Limited (RFHL) has announced a profit of US$102.9 million for the half-year ended March 31, 2021, which represents an increase of US$21.6 million or 26.5 percent over the US$81.3 million reported in the corresponding period of the last financial year.
The announcement was made on Monday by RFHL Chairman, Vincent Pereira. According to the release, the improved results reflect the positive impact of the Group’s acquisition of the British Virgin Islands (BVI) operations in June 2020, and the stabilisation of the credit portfolio resulting in lower provisions for loan losses.
These positive developments were partially offset by a reduction in net interest margins, fees and commission income across the Group. Lower interest rates, fees and commissions reflect the Group’s decision to maintain many of the concessions granted to our customers at the inception of the pandemic.
Total assets stood at US$16.0 billion at March 31, 2021, an increase of US$1.3 billion or 8.8 percent over the total assets at March 2020. This increase was mainly due to the BVI acquisition and the growth in customer deposits across most subsidiaries. Meanwhile, the Board of Directors has declared an interim dividend of US$0.15 (2020: US$0.09) per share payable on May 31, 2021.
In announcing the results Pereira said: “While there continues to be uncertainty over the direction and duration of the COVID 19 pandemic, we are confident that the Group is well-positioned to continue to generate positive results while supporting the recovery efforts of the economies in which we operate. I would like to acknowledge our staff, customers and communities in St. Vincent and the Grenadines who continue to work tirelessly in dealing with the effects of the recent volcanic eruption. We want to assure them that the Republic Group is fully committed to assisting in their recovery efforts. I am confident that, as in 1979, they and the economy will emerge stronger. I would like to also acknowledge the efforts of all staff of the Group for their continued commitment to serving our clients and communities with excellence.”
He also expressed the Board’s heartfelt gratitude to Mr. Shazan Ali who served with distinction on the Boards of Republic Bank Limited and Republic Financial Holdings Limited for a total of 11 years and was one of the founding Directors of the Republic Bank (Suriname) N.V. Board after that entity was acquired in 2015.
Ali resigned from the Boards with effect from April 21, 2021 for personal reasons and Pereira wished him all the best going forward.
