RFHL records $1.5 billion in Third Quarter profits

Port of Spain, Trinidad, August 5, 2024 – The Chairman of Republic Financial Holdings Limited (RFHL), Vincent Pereira, announced today that the Group recorded profit attributable to its equity holders of $1.5 billion for the nine-month period ended June 30, 2024. This represents an increase in profits after tax of $213 million or 17% over the $1.3 billion 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 $127 million or 9%. Total assets stood at $118.4 billion on June 30, 2024, an increase of $4.0 billion or 3.5% over the total assets in June 2023.

In announcing the results Mr. Pereira said, “In this third quarter of the financial year, the Group advanced our strategic objectives and strengthened our market position across all the sectors in which we operate. Digitisation efforts now include both the first fully digital onboarding process for a life insurance policy and a fully digital account opening process for our E-free deposit product in two subsidiaries, Trinidad and Tobago and the British Virgin Islands. The Group continues to work on improving employee engagement, customer satisfaction and digitisation to enhance value to all stakeholders.”

He added, “At the same time, notwithstanding tightening liquidity in a few of our markets, focused selling efforts and quality customer service resulted in an increase of $5.5 billion or 9.2% in the Group’s total loan portfolio.”

Based on these results, the Board of Directors has declared its third quarterly interim dividend of $1.00 per share payable on August 30, 2024, to all shareholders on record at August 16, 2024. This brings the total dividend for the period to $2.15.

In addition to reporting the third quarter results, Mr. Pereira also took the opportunity to address work being undertaken by the Group to provide recovery relief in the aftermath of Hurricane Beryl. “On July 1, 2024, the Caribbean countries of Barbados, St. Lucia, St. Vincent & the Grenadines and Grenada – particularly Petit Martinique and Carriacou - were severely impacted by the passage of Hurricane Beryl. To this end, the RFHL Group rallied to provide support to assist with recovery efforts in the affected countries. We partnered with non-governmental organisations, relevant Government agencies and other corporate entities to assist with supplying necessities such as food, clean water, medical and building supplies. In addition, Disaster Relief accounts in all operating countries were activated, encouraging staff and the public to support relief efforts further. The RFHL Group remains committed to playing its role in ensuring their timely recovery and standing together in support and solidarity during this challenging time, remaining confident that the resilience of the people will triumph.”

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