Republic Financial Holdings Records $993.3 Million Profit at Third Quarter

Port of Spain, Trinidad: July 26, 2018: Republic Financial Holdings Limited (RFHL) has recorded a profit attributable to shareholders of $993.3 million for the nine-month period, ended June 30, 2018, representing an increase of $34.4 million or 3.6% over the corresponding period of the last financial year. Total assets stood at $69.6 billion as at June 30, 2018.

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. The profitability of the Trinidad and Tobago operations remains flat due to an increase in the tax rate.”

In June, 2018, the Government of Barbados (GoB) announced that it will suspend all payments on its external debt and roll over principal balance on its local debt at maturity, while continuing to make interest payments, until restructuring agreements are concluded. The discussions with the GoB and creditors are at a very early stage with respect to the terms of the restructuring.

The Group early adopted International Financial Reporting Standard No 9 in the third quarter of fiscal 2018, with effect from October 1, 2017. The overall impact to the Group on initial adoption of the standard, inclusive of a preliminary adjustment for the GoB exposure, was a reduction in total equity of $988.2 million.

Mr. Harford said, “The Group expects to achieve a satisfactory performance to the end of the fiscal year. We are well positioned to withstand the economic challenges ahead with a strong balance sheet, robust capital and adequate liquidity.”

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