Republic Bank’s first quarter on the up

The first quarter profits of the Republic Bank Group are trending upward, despite the bank’s admitted uncertainty about the ongoing COVID-19 pandemic.

In recently released unaudited financial highlights, the Trinidad and Tobago headquartered financial institution recorded pre-tax profits for the quarter ended December 31, 2021 of US$86.08 million.

This represented a modest increase on the corresponding quarter in 2020 when pre-tax profits stood at US$84.97 million.

After-tax profits for the group came in at US$64.53 million for the review period and this was also an improvement on the 2020 performance of US$63.33 million. The financial year of Republic Bank

Group ends on September 30. Earnings per share of the bank remained consistent at US$0.36, while assets of the group climbed from US$15.62 billion in 2020 to US$16.70 billion for the last quarter.

In his comments to the financial highlights, Republic Group chairman Vincent Pereira said the quarter under review, which was the bank’s first quarter of group’s 2022 financial year, “was marked by an upsurge in COVID-19 infections in many territories in which we serve following the emergence of the Omicron variant”.

According to Pereira, “The resulting increased uncertainty and reduced productivity due to staff absences and self-imposed lockdowns, coupled with the impact of global supply chain disruptions, dampened expectations for a robust recovery of economic activity during the quarter.

“In light of these ongoing challenges, the Group redoubled its efforts to work closely with its clients to mitigate the longer-term adverse effects of the pandemic, including the extension of moratoriums on loans to affected customers.”

The chairman told shareholders and regulators that despite the ongoing concerns over the duration and long-term impact of the COVID-19 pandemic, the bank remained committed to supporting clients and stakeholders, and to provide a safe working environment for employees. (IMC1)