Bank

Republic records net profit of $1.25 billion

Republic Financial Holdings Limited (RFHL) has recorded a net profit attributable to shareholders of $1.25 billion for the year ended September 30, 2017, RFHL said in a statement.

This represents an increase of $69 million (5.8%) over the core profit of $1.18 billion reported for the prior year. 

Compared with the actual reported profit of $946 million for 2016, which was negatively impacted by three significant one-off items, totalling $237 million, the increase is $306 million (32.3%).

Five years jail for Singaporean who defrauded RBC Royal Bank of $4.4 million of Nipdec's money

A senior director of a Singapore construction and engineering firm has been sentenced to five years in jail for fraudulently causing the transfer of more than $4.4 million from a Nipdec account at RBC Royal Bank Trinidad and Tobago to a bank in Singapore. 

A court in Singapore was told that employees of RBC Royal Bank were duped into transferring the money into the Singapore bank account in 2013.