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Republic year-end profits up 5.8 per cent

Published: 
Friday, November 10, 2017

Republic Financial Holdings Limited (RFHL) has recorded an after tax profit of $1.25 billion for the year ended September 30, 2017.

This represents an increase of $69 million or 5.8 per cent over the core profit of $1.18 billion reported for the prior year.

The Group’s total assets stood at $68.9 billion at September 30, 2017; an increase of $2 billion or 3 per cent over that of 2016.

Republic's chairman, Ronald Harford, in announcing the results, said, “The growth in core profitability was the result of improvements in several of the Group’s overseas territories.”

Harford added that HFC Bank (Ghana) recorded a profit after taxation of $40 million following a loss of $118 million in 2016.

Harford explained that the performance of the main subsidiary in T&T remained relatively flat in 2017, because of additional tax expense of $55 million, adding that the economic outlook for the region offers a mix of opportunities for, and challenges to, the Republic Group.

“Energy and commodity prices are expected to remain at their existing levels which combined with stagnant or declining production levels, will constrain economic growth in our largest market, Trinidad and Tobago. Conversely, other commodity exporting territories such as Guyana, and to a lesser extent, Suriname and Ghana, are being buoyed by new finds and expanded productions in oil, gas and gold mining.” he said.