By NAN Staff Writer
News Americas, NEW YORK, NY., Thurs. Aug. 5, 2021: A Caribbean bank has recorded over a billion TT dollars in profit.
The Trinidad-based Republic Financial Holdings Ltd (RFHL) says it has recorded a profit of TT$1.036 billion (One TT dollar=US$0.16 cents) for the nine-month period ending June 30, 2021, despite the challenges posed by the coronavirus (COVID-19) pandemic.
The RHFL, which has operations in several Caribbean islands as well as Ghana, acknowledged that operating in the pandemic was challenging but that its positive results were helped by its operations in other territories and equity shareholders.
“Against this backdrop, RFHL recorded profit attributable to its equity holders of TT$1.036 billion for the nine months ended June 30, 2021. This represents an increase of TT261.6 million or 33.8 per cent over the TT$774.3 million reported in the corresponding period of the last financial year,” said the RHFL chairman, Vincent Pereira.
“The improved results reflect the impact of the group’s acquisition of the British Virgin Islands operations in June 2020, lower provisions for loan losses and general improvement in operating profitability in Ghana and Cayman National Corporation,” he added.
The RFHL said that its total assets for the period were TT$108.3 billion, an increase of TT$2.9 billion or 2.8 per cent over the total assets at June 2020, which also represented a 3.7 per cent growth in loans and advances, and a 9.9 per cent growth in investments funded by the growth in customer deposits across most subsidiaries.