Republic Bank Group records 3.6% in profit

Republic Bank Group records 3.6% in profit
Source: Ghana| JoyBusiness | JAD
Date: 30-08-2018 Time: 09:08:53:am
President of Republic Financial Holdings Ltd. (RFHL), Nigel Baptiste

Republic Financial Holdings Limited (RFHL), the parent company of Republic Bank (Ghana) Limited has recorded a profit attributable to shareholders of about $148 million for the nine-month period, ended June 30, 2018, representing an increase of $5 million or 3.6% over the corresponding period last financial year.

In announcing the results, the Group’s Chairman, Ronald F. deC. Harford, said, “As was the case for the first half of the fiscal year, the improvement in profitability was driven mainly by better performance in our overseas subsidiaries including Ghana. The profitability of the Trinidad and Tobago operations remains flat due to an increase in the tax rate.”

According to Mr Harford, the Group expects to maintain a satisfactory performance to the end of the fiscal year, he noted that the group was ‘‘well positioned to withstand the economic challenges ahead with a strong balance sheet, robust capital and adequate liquidity.”

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

Minimum capital requirement

Republic Financial Holding limited, the majority shareholder of Republic Bank Ghana contributed significantly in meeting the minimum capital requirement of GH₵400 million by the Bank of Ghana. 

The Group currently employs more than 5,484 staff in 16 subsidiaries in Trinidad and Tobago, Grenada, Guyana, the Cayman Islands, Barbados, Ghana, and Suriname.

Republic Financial Holding Limited has been operating for more than 181 years and is the most profitable Bank in the English speaking Caribbean.

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