Republic Bank Records $552.5 million Profit at Half Year

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Port of Spain, Trinidad: May 2, 2013: For the half year ended, March 31, 2013, Republic Bank Limited has recorded profit attributable to shareholders of $552.5 million, an increase of 0.4% over the corresponding period last year.

In announcing the results, Republic Bank's Chairman, Mr. Ronald F. deC. Harford, said, "The performance for the current period was adversely impacted by an impairment charge of $49 million for the recently defaulted Government of Grenada Bond, booked in accordance with applicable International Financial Reporting Standards."

He added, "The recent upswing in credit demand and strong growth in other income, have helped the Group achieve a satisfactory half-year performance."

 

Total assets now stand at $54.8 billion, an increase of 8.2% over March 2012 and 6.3% over the year ended September 2012.

"Should these trends continue, we expect to sustain this performance through to the fiscal year end," he ended.

The Board of Directors has declared a half-year dividend of $1.25 (2012:$1.25) payable on May 31st 2013.

Mr. Harford expressed his appreciation for the continued support of management, staff and customers of the Group.

May 2, 2013
RepublicTT
General News
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