RFHL records $1.0 billion in Half-Year Profits

Port of Spain, Trinidad, April 29, 2024 – The Chairman of Republic Financial Holdings Limited (RFHL), Vincent Pereira, announced today that the Group recorded profit attributable to its equity holders of $1.0 billion for the six-month period ended March 31, 2024. This represents an increase in profits after tax of $213 million or 27% over the $787 million reported in the corresponding period of the last financial year. Excluding one-off losses reported in the prior period, core profits after tax and non-controlling interest increased by $130 million or 15%. Total assets stood at $117.5 billion at March 31, 2024, an increase of $3.4 billion or 3.0% over the total assets at March 2023.

In announcing the results Mr. Pereira said, “The Republic Financial Holdings Limited Group (the Group) has delivered a strong performance for the half-year ended March 31, 2024. Throughout this six-month period the Group continued to focus on advancing our strategic objectives, strengthening our market position across all the markets in which we operate, improving customer experience and maintaining our focus on delivering outcomes that are aligned to our sustainability commitments. This drive has resulted in enhanced performance across all the 16 countries in which the Group operates, as demonstrated by an increase of $5.5 billion or 9.4% in the Group’s total loan portfolio and the sustained performance in our investment portfolio which continues to benefit from the current high interest rate environment.”

He added, “The Group remains vigilant in monitoring the rapidly changing external operating environment, and we continue to demonstrate agility and resilience in seizing opportunities and navigating challenges to sustain the Group’s performance.”

Based on these results, the Board of Directors has declared its second quarterly interim dividend of $0.60 per share payable on May 29, 2024 to all shareholders on record at May 10, 2024. This brings the total dividend for the period to $1.15, an increase of $0.05 or 4.5% over the total $1.10 paid in March 2023.

He went on to say “Our strategic emphasis on improving employee engagement, enhancing customer experience and satisfaction together with delivering on our digitisation plan, will continue to add value to all stakeholders. As such we look ahead to the coming quarters with confidence and optimism.”

In closing Mr. Pereira said “I would like to express my appreciation and thanks to all the members of the RFHL Team for their continued high level of commitment and to our valued customers for their dedication and loyalty.”