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Republic Bank Group makes $869m profit

Friday, August 1, 2014

The Republic Bank Group has recorded a net profit of $869.1 million for the third quarter ended June 30—an increase of 1.3 per cent over the corresponding period last year. Chairman, Ronald F. deC Harford, who announced the results said, “The Group is encouraged by the growth in our total assets and loan portfolio of 6 per cent and 8.5 per cent respectively, over the corresponding period in 2013 and the decline in non-performing loans to 3.6 per cent of total loans.” 

Harford said this is a reflection of the improved performance in the economies of T&T and Guyana and is tempered somewhat, by the continued weak economic performance in Barbados and the Eastern Caribbean. Commenting on Republic Bank’s investment in HFC Bank Ghana, Harford said: “In April, 2014, as mandated by the Ghana Code on Takeover and Mergers and after obtaining approval from the Central Bank of Ghana, the Group submitted an Offeror Statement to HFC Bank Ghana and the Securities and Exchange Commission (SEC) of Ghana, in which it was announced that Republic Bank would make an offer to all the shareholders of HFC Bank Ghana to purchase the remaining 60 per cent  shareholding. This, however, is now subject to legal challenge before the courts in Ghana.” 

Harford said the Republic Bank Group continues to pursue avenues to amicably resolve the matter. He expressed his on-going appreciation for the continued support of management, staff and customers of the Republic Bank Group and said he expects the Group’s performance to continue throughout the last quarter of the year.