Republic Bank Limited Group’s Audited Annual Results for the Year ended September 30, 2014

Port of Spain, Trinidad: November 6, 2014: For the year ended September 30, 2014, Republic Bank Limited has recorded a profit of $1.19 billion, an increase of $23.4 million or 2% over the prior year. In accordance with IAS 19- Employee Benefits (Revised), the Group was required to restate its 2013 profits downwards by $18.97 million, resulting in a year on year growth of 3.7%. The Group’s total assets stood at $59.4 billion at September 30, 2014, an increase of $1.8 billion or 3.1% over the prior period.

Republic Bank’s Chairman, Mr. Ronald F. deC. Harford, said, the Bank’s core business as reflected in net interest income, increased by $37.4 million or 1.7%, notwithstanding a declining interest rate environment. This was as a result of growth in loans and advances of $1.9 billion or 7.4%.

“Equally satisfactory was the improvement seen in the quality of the portfolio with the NPL ratio declining from 3.7% in 2013 to 3.5% in 2014, with the level of provisioning to NPL’s increasing, from 37% (2013) to 40% (2014),” Mr. Harford said.

This performance was achieved against the backdrop of challenging economic climates in two of the territories in which the Group operates. Mr. Harford added that while core operations in Trinidad and Tobago and Guyana continued on their growth path, overall profitability in Guyana, remained flat in 2014, due to increased provisions for loans to the sugar industry.

“Subdued economic conditions in Barbados and Grenada negatively impacted the performance of both countries, though the Grenada operations recorded a small profit, after a loss in 2013, the profitability in Barbados declined following one-off adjustments at the consolidated level,” he said.

Mr. Harford attributed these results to the hard work and dedication of the management and staff and the continued trust and support of loyal customers and shareholders.

The Board of Directors has declared a final dividend of $3.00 (2013:$3.00) to be paid on December 1, 2014 to all the shareholders of record at November 17, 2014. This brings the total dividend for the fiscal year to $4.25, in line with 2013.