REPUBLIC BANK LIMITED
16
Results
I am pleased to report on another successful year for the Republic Bank Group.
Profit attributable to shareholders for 2014 was $1.19 billion, an increase of $23.4
million or 2% from the prior year, a good performance given the challenging
economic climate in which we operate. In accordance with IAS 19 – Employee
Benefits (Revised), the Group was required to restate its 2013 profits downwards
by $18.97 million, resulting in an adjusted year on year growth of 3.7%.
The core operations in Trinidad and Tobago and Guyana continued on their growth path but overall
profitability in Guyana remained flat in 2014 due to increased loan loss provisions for loans to the sugar industry.
The performances of Barbados and Grenada continue to be hampered by subdued economic conditions. The
Grenada operations recorded a small profit, after a loss in 2013, while the contribution from Barbados declined
after accounting for one-off adjustments.
As reported previously, we continue to pursue avenues to amicably resolve the takeover of HFC Bank
Ghana, which is now the subject of a legal challenge.
Based on these results, the Board of Directors has declared a final dividend of $3.00 (2013: $3.00), which
brings the total dividend for the fiscal year to $4.25, in line with 2013. This final dividend will be paid on
December 1, 2014 to all shareholders of record at November 17, 2014.
Global
In the wake of a weaker than expected first quarter economic growth, the prospects of a solid rebound going
into the second half of 2014 looked good. However, the protracted challenges faced by many countries, both
individually and collectively, combined with still-fragile economic recoveries, produced yet another round of
lower-than-expected growth performances, and triggered a wave of downward forecast revisions. Despite
varying levels of growth among its members, developed countries are collectively forecasted to expand by
Chairman’sReview
Ronald F. deC. Harford
