Chair­man of Re­pub­lic Fi­nan­cial Hold­ings (RFHL), Vin­cent Pereira, has an­nounced prof­it at­trib­ut­able to its eq­ui­ty hold­ers of $1.15 bil­lion for the nine-months end­ed June 30.

This is an in­crease of $109.7 mil­lion or 10.6 per cent over the $1.04 bil­lion re­port­ed in the cor­re­spond­ing pe­ri­od of the last fi­nan­cial year.

In a state­ment is­sued on Tues­day, Pereira said, “Our per­for­mance for this pe­ri­od of 2022 re­flects a mod­est im­prove­ment over our core pre-COVID 2019 third quar­ter per­for­mance, by $6.3 mil­lion or 0.6 per cent.”

He added dur­ing the third quar­ter of the group’s fis­cal year all the coun­tries where it op­er­at­ed in con­tin­ued the re­lax­ation of COVID re­lat­ed pro­to­cols which pos­i­tive­ly im­pact­ed the tourism de­pen­dent ar­eas, where eco­nom­ic ac­tiv­i­ty con­tin­ues to im­prove steadi­ly.

Ac­cord­ing to Pereira the group al­so ben­e­fit­ed from ris­ing in­ter­est rates on US-dol­lar de­nom­i­nat­ed se­cu­ri­ties in some of its op­er­a­tions.

“These pos­i­tive im­pacts were some­what damp­ened by con­tin­ued sup­ply chain dis­rup­tions and in­fla­tion­ary pres­sures re­sult­ing from the Rus­sia/Ukraine war,” he al­so not­ed.

Ad­di­tion­al­ly, Pereira said to­tal as­sets stood at $112.9 bil­lion at June 30, 2022, an in­crease of $4.7 bil­lion or 4.3 per cent over the to­tal as­sets at June 2021.

He ex­plained this in­crease was fund­ed by growth in cus­tomer de­posits across its sub­sidiaries in the Cay­man Is­lands, East­ern Caribbean, Guyana, and Bar­ba­dos.

Pereira added that amid con­tin­ued eco­nom­ic un­cer­tain­ty, the group re­mains fo­cused on cost man­age­ment, im­prov­ing the ex­pe­ri­ences of clients and staff through in­creased in­vest­ment in its dig­i­tal of­fer­ings and con­tin­u­ing to pro­vide a safe work­ing en­vi­ron­ment for its teams.

He al­so ex­press his grat­i­tude and thanked to the Re­pub­lic team, not­ing its com­mit­ment every­day to serve clients and com­mu­ni­ties with ex­cel­lence that has en­abled this out­come for the RFHL Group.