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.
More Business Headlines
- Customers of insolvent S&L companies decry 'unclear' validation forms
- Jack Daniel’s to boost local market share with Accra Street Music Festival
- MTN set to rollout $20 smartphone
- Menzgold is not a Ponzi scheme, customers not greedy
- Risks to growth 'increasing by the day' - AfDB
- AirtelTigo takes lead with ‘no expiry’ voice and data bundles
- Depositors of insolvent S&L companies will receive all their funds- Receiver
- Gov’t does not owe GN Savings and Loans – BoG reacts to viral claim
- S&L cleanup: Payment of depositor’s claims to begin before end of August
- Savings and Loans sector cleanup: BoG approach should have been less destructive
- GRA staff urged to abide by codes of conduct
- Photos: MTN Heroes of Change receive awards
- Photos: Patrons get results at 2nd JoyNews Habitat Mini Fair
- A $1.6 billion horror as Ghana investors can’t get their savings
- No 100% assurance to depositors with axed Savings and Loans companies