Republic Bank Records $550.1 Million in Profits this Year!

Port-of-Spain, Trinidad, May 3, 2011: The Republic Bank Group has recorded a net profit attributable to shareholders of TT$ 550.1million for the financial half-year ended March 31, 2012. This represents a 4.7% improvement over the comparable period last year.

In announcing the Group's half-year results Republic Bank's Chairman, Mr. Ronald F.deC. Harford said, "Republic Bank's total assets exceeded the $50 billion mark, reflecting a creditable growth of 7.4% for the six months ended March 31st 2012. These hallmark achievements are noteworthy especially as we celebrate our 175th anniversary on May 15th this year."

He added, "No other financial institution has had such an illustrious history in Trinidad & Tobago and we are proud of this achievement, as it reflects the Bank's enduring strength and prudent management over the long term.

Mr. Harford said that the prevailing economic conditions across our major markets were mainly characterised by soft interest rates and tightening margins.

"We therefore continue to focus on cost containment and treasury management, strategies which continue to serve us well. A notable 5.4% growth in our advances portfolio has helped to negate the impact of the market challenges."

Total assets now stand at $ 50.8 billion, up 7.4% from September 30 2011. The Bank's Board of Directors has decleared a half-year dividend of $1.25 (2011:$1.25) to be paid on May 29, 2012.

The Bank remains confident that this performance will be sustained for the fiscal year.