Republic Bank Limited
24
Results
I am pleased to report that the Republic Bank Group achieved a
creditable performance, with profit attributable to shareholders
of $1.22 billion for the year ended September 30, 2015. This
represents an increase of $30.3 million or 2.5% over the prior
year. This performance was particularly noteworthy in light of the
challenging international and regional economies within which the
Group operates. Please refer to the Managing Director’s Discussion
and Analysis for a more detailed financial review of the Group’s
performance.
Based on these results, the Board of Directors has declared a final
dividend of $3.10 (2014: $3.00), which brings the total dividend
for the fiscal year to $4.35 (2014: $4.25). This final dividend will
be paid on December 1, 2015 to all shareholders on record as at
November 16, 2015.
Keyhighlights for theyear
HoldingCompany
On June 22, 2015 shareholders’ approval was obtained to create
Republic Financial Holdings Limited, the umbrella company under
which all our main subsidiaries will be held. Shareholders’ approval
had been secured to commence the holding company from
October 1, 2015 but due to a delay in obtaining all of the requisite
approvals, a new date will be agreed with the Minister of Finance.
The holding company structure will better enable us to segregate
and isolate the risk among the various group companies, will allow
for a more efficient deployment of capital and bring us in line with
international best practice.
Acquisitions
In May 2015, we increased our shareholding in HFC Bank (Ghana)
Limited to 57.11% following the mandatory takeover bid. This
acquisition represents our first outside the Caribbean region and
our first on the African Continent. This acquisition has added $2.2
billion to our asset base and is expected to provide a satisfactory
return in 2016 and beyond, after an initial loss in 2015 due to
restructuring charges.
On July 31, 2015 we acquired a 100% shareholding in RBC Royal
Bank (Suriname) N.V. which was renamed Republic Bank (Suriname)
N.V. This acquisition has added a further $3.3 billion to our asset base.
Chairman’sReview
2
Executive
RonaldF. deC. Harford
