(Photo: Republic BanK)

Republic Financial credits BVI acquisition for improved results

(Photo: Republic BanK)

Despite the impact of the the coronavirus pandemic on Republic Financial Holdings Limited’s (RFHL) operation, the group reported improved financial performance for nine months thanks to the acquisition of Scotiabank British Virgin Islands last year.

For the nine months ended June 30, 2021, Republic Financial Holdings Limited (RFHL) generated profit attributable to its equity holders of TT $1.036 billion — an increase of 33.8 per cent over the TT$774.3 million reported in the corresponding period of the last financial year.

Commenting on the results, RFHL Chairman Vincent Pereira stated: “The improved results reflect the impact of the group’s acquisition of the British Virgin Islands (BVI) operations in June 2020, lower provisions for loan losses and general improvement in operating profitability in Ghana and Cayman National Corporation.”

Chairman of Republic Financial Holding Limited Vincent Pereira (File photo)

However, these positive developments were partially offset by a reduction in net interest margins, fees and commission income across the group.

“Lower interest rates, fees and commissions reflect the group’s decision to maintain many of the concessions granted to our customers at the inception of the pandemic,” the chairman noted.

Meanwhile, RFHL’s toal assets stood at TT$108.3 billion at June 30, 2021, rising by TT$2.9 billion or 2.8 per cent per cent over the total assets at June 2020. This increase reflects a 3.7 per cent growth in loans and advances and 9.9 per cent growth in investments funded by the growth in customer deposits across most subsidiaries.

“Despite uncertainty over the duration of the COVID-19 pandemic, we are confident that the group is well positioned to continue supporting the recovery efforts of the economies in which we operate. We also remain committed to assisting with the vaccination drive across the group’s territories,” Pereira explained.

“The improved results reflect the impact of the group’s acquisition of the British Virgin Islands (BVI) operations in June 2020…”

— Chairman of Republic Financial Holding Limited Vincent Pereira

He stated that the group continues to support its customers, communities and staff, through concessions on loan payments, interest rates and fees, increased business support, donations of medical and educational supplies and the roll-out of a staff vaccination programme.

Support for Caribbean women entrepreneurs

Subsequent to the report, the group announced a financing programme for a total of 150 women from around the Caribbean in its first-ever Entrepreneurs Business Builder. The programme aims to assist established women entrepreneurs with creating technology-enabled, sustainable and profitable businesses.

The initiative will facilitate entrepreneurs in Anguilla, Barbados, British Virgin Islands, Dominica, Grenada, Guyana, Saint Maarten, St Kitts & Nevis, St Lucia, St Vincent & the Grenadines, Trinidad and Tobago, and Suriname.