Annual Report 2015
29
RESULTSOFOPERATIONS:HIGHLIGHTS
All figures are in TT$ Millions
2015
2014
Change
% Change
Financial Position
Total assets
65,992.2
59,371.5
6,620.7
11.2%
Total advances
33,008.0
27,095.4
5,912.6
21.8%
Total investments
8,094.4
8,260.4
(166.0)
-2.0%
Total deposits
49,495.7
43,770.8
5,724.9
13.1%
Total equity
9,410.6
8,746.3
664.3
7.6%
The following is a detailed discussion and analysis of the financial
results of Republic Bank Limited. This should be read in conjunction
with the audited financial statements, contained on pages 68 to
149 of this report. All amounts are stated in Trinidad and Tobago
dollars.
Financial Position
Total assets for the Group increased by $6.6 billion or 11.2%, from
$59.4 billion in 2014 to $66 billion at September 30, 2015. The
growth in assets was largely driven by an increase of $5.9 billion
or 21.8% in loans and advances, $3.1 billion of which originated
from our Trinidad and Tobago operations. Ghana and Suriname
contributed $1.4 billion to the growth as they are now being
consolidated into the Group’s results.
The Group’s deposit base grew by $5.7 billion or 13.1%, mainly
due to the addition of a $2.8 billion portfolio from Suriname and a
$1.2 billion portfolio from Ghana. Moderated liquidity in Trinidad
and Tobago resulted in lower growth in the deposits portfolio of $1
billion, compared to a $2.5 billion or 8% growth in 2014. With the
growth in loans, we were better able to deploy low earning liquid
assets into higher yielding loans. This led to a $2 billion decrease
in liquid assets in Trinidad and Tobago and a decline in the Group
liquid assets ratio to 30.7% in 2015, down from 33.1% in 2014.
Total investments fell by $166 million or 2%, from $8.3 billion in
2014 to $8.1 billion in 2015 as a result of scheduled repayments.
These amounts are now held in liquid assets due to the lack of
suitable medium to long-term investment opportunities.
Total equity increased by $664.3 million to $9.4 billion at September
30, 2015. This increased capital base will allow the Group to
continue with its acquisition strategy while maintaining sufficient
capital levels to fulfil impending increased capital regulations. At
September 30, 2015, the Group capital adequacy ratio is 24.73%.
