Republic Group post-tax profits rise 27 per cent

The parent company of Republic Bank Barbados, Republic Financial Holdings, has reported a major increase in its half-year after-tax profit, signalling another post-pandemic period of accelerated performance.

The Trinidad and Tobago-headquartered regional financial institution, which also operates a commercial bank in Ghana, recently disclosed its unaudited half-year results for the period ending March 31, 2024.

It showed the group’s profit before tax increased from US $181 million for the first six months of 2023 to US$218 million for the corresponding period this year.

Profit attributable to shareholders for the period reached US$150 million, a significant increase from the US$118 million recorded last year.

As at March 31, the total assets of the group reached US$17.59 billion.

In his commentary on the performance, group chairman Vincent Pereira described Republic’s showing as “strong”.

He noted: “Throughout this six-month period, the Group continued to focus on advancing our strategic objectives, strengthening our market position across all markets in which we operate, improving customer experience and maintaining our focus on delivering outcomes that are aligned to our sustainability commitments.”

Pereira said the drive had produced outcomes across the 16 markets in which Republic operates resulting in “an increase of US$0.8 billion or 9.4 per cent in the group’s total loan portfolio”.

He outlined the financial institution’s investment portfolio also benefited from the current high interest rate environment.

The chairman lauded the institution’s performance which registered a US$23 million or 27 per cent increase in after tax profit for the half-year period.

“Excluding one-off losses reported in the prior period, core profits after tax and non-controlling interest increased by US$19 million or 15 per cent,” he told shareholders.

Overall, Pereira said the Republic group would continue to be “vigilant in monitoring the rapidly changing external operating environment, and we continue to demonstrate agility and resilience in seizing opportunities and navigate challenges”.

He also told of the bank’s plan to continue rolling out its digitisation plan.

(IMC1)