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Dulal-Whiteway: Positive S&P rating good for bank and country
Published:
Friday, January 4, 2013
Republic Bank managing director David Dulal-Whiteway
Republic Bank managing director David Dulal-Whiteway said yesterday the Standard & Poor’s (S&P) rating of Republic Bank was a “fair reflection” of the bank’s very strong capital and earnings position and a result of its sound business strategy.
This according to a statement from Republic Bank yesterday.
In December, S&P Ratings Services affirmed its ‘BBB+” long-term and ‘A – 2’ short-term issuer credit ratings (ICR) for Republic Bank Limited.
The Bank’s stand-alone credit profile (SACP) is ‘bbb+’, reflecting a strong business position, “very strong” capital and earnings, “moderate” risk position and “adequate” liquidity, according to S&P.
Republic Bank’s statement said S&P also noted that as the largest bank in T&T, Republic Bank has an adequately diversified base of revenues by lines of business. This diversification offers strong business stability in the current environment which is characterised by high liquidity, low credit demand and intense competition.
David Dulal-Whiteway said in spite of the relatively low demand for credit in this market, the bank has performed very well, maintaining its lead position in the last financial year, with a 6.7 per cent increase in total loans, including mortgages. Republic Bank is also very well capitalised with a market capitalisation of $17 billion as at December 31, 2012.
According to Dulal-Whiteway: “In 2012, Republic Bank celebrated 175 years of service to the people of the Caribbean and the stable outlook by Standard and Poor’s augurs well for both the Bank and the country, as we will continue to leverage on our long track record, local expertise and our strong presence in the markets in which we operate.”
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