RFHL Record $503 Million In First Quarter Profits

February 2, 2024, Port of Spain – The Chairman of Republic Financial Holdings Limited (RFHL), Vincent Pereira, announced today that the Group recorded profit attributable to its equity holders of $503 million for the three-month period ended December 31, 2023. Excluding one-off losses reported in the prior period, core profits after tax and non-controlling interest increased by $33 million or 6.9 percent, while reported profits increased by $103 million or 26 percent over the $400 million reported in the corresponding period of the last financial year. Total assets stood at $115.2 billion at December 31, 2023, an increase of $1.7 billion or 1.46 percent over the total assets at December 2022. This increase was fuelled by growth in the loans and investments portfolios across all subsidiaries.

In announcing the results Mr. Pereira said, “The Group’s first quarter results reflect the impact of this strong growth in loans and investments, combined with the continued strong interest rate environment for our US$ denominated subsidiaries. All subsidiaries recorded strong performances despite the ongoing economic challenges in some environments. The overall performance continues to highlight the value of the Group’s international diversification strategy and the resilience of our operations.”

He added, “Based on these results, the Board of Directors has declared its first ever quarterly interim dividend of $0.55 per share payable on February 29, 2024 to all shareholders on record at February 15, 2024. The Group continues to work on improving its employee engagement, customer focus and digital strategy to continue adding value to our customers, staff and stakeholders. While challenges persist, we believe that we are well positioned to navigate the continued global economic uncertainties.”

In closing, Mr. Pereira said, “I would like to express my gratitude and thanks to all the members of the RFHL Team and our customers for their commitment and unwavering support as we continue to serve our clients and communities with excellence.”