Republic Bank Records $1.2 Billion Profit at Year's End

Port of Spain, Trinidad: November 8, 2012: Republic Bank Limited has recorded profit attributable to equity holders of $1.2 billion, for the financial year ended September 30, 2012. This represents a 3.3% improvement on the corresponding 2011 period.

In announcing the results, Republic Bank's Chairman, Ronald F. deC. Harford, said, "The Group's total assets are now $51.6 billion, up 9.4% from September 30, 2011, driven by increases in liquid assets and to a lesser extent, an increase in advances. We are encouraged by the 6.6% growth in advances, and are optimistic that growth will continue in the next fiscal year."

The Board of Directors has declared a final dividend of $3.00 (2011: $2.75), payable to shareholders on December 3, 2012. This brings the total year dividend to $4.25 - a 6.3% increase over the $4.00 which was paid in 2011 to shareholders. Harford noted that this dividend, combined with the capital appreciation of our share over the year, amounts to a very satisfactory total return to shareholders.

The CLICO Investment Fund, which was launched on November 1, 2012, comprises 40.3 million Republic Bank shares. CLICO Short Term Investment Products (STIP) holders who exchange their 11-20 year Zero Coupon Bonds for Units in this Fund will benefit from $120.8 million of this dividend payout, when the Fund pays dividends in February, 2013.

Harford added that, "The transfer of these shares to the CLICO Investment Fund for the benefit of its Unit holders has reduced CL Financial Group's shareholding in Republic Bank Limited from 51.4% to 26.5%."

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