Republic Financial Holdings has recorded over $1 billion in third-quarter profit which represents an increase of $261.6 million or 33.8% over the $774.3 million reported in the corresponding period of the last financial year. The following is a press release from Republic Financial Holdings Limited:
The Chairman of Republic Financial Holdings Limited (RFHL), Vincent Pereira, in announcing third quarter profits today said, “The uncertainty of the COVID-19 pandemic continues to impact the economies in which the Republic Financial Holdings Limited Group operate. Vaccination programmes commenced in many countries, but re-openings and recovery of tourist arrivals remained gradual and at times interrupted by rising COVID-19 cases. The Group continues to support its customers, communities and staff, through concessions on loan payments, interest rates and fees, increased business support, donations of medical and educational supplies and the rollout of a staff vaccination programme.”
He added, “Against this backdrop, Republic Financial Holdings Limited (RFHL) recorded profit attributable to its equity holders of $1.036 billion for the nine months ended June 30, 2021. This represents an increase of $261.6 million or 33.8% over the $774.3 million reported in the corresponding period of the last financial year. The improved results reflect the impact of the Group’s acquisition of the British Virgin Islands (BVI) operations in June 2020, lower provisions for loan losses and general improvement in operating profitability in Ghana and Cayman National Corporation. These positive developments were partially offset by a reduction in net interest margins, fees and commission income across the Group. Lower interest rates, fees and commissions reflect the Group’s decision to maintain many of the concessions granted to our customers at the inception of the pandemic.”
Total assets stood at $108.3 billion at June 30, 2021, an increase of $2.9 billion or 2.8% over the total assets at June 2020, representing 3.7% growth in loans and advances and 9.9% growth in investments funded by the growth in customer deposits across most subsidiaries.
Mr. Pereira concluded, “Despite uncertainty over the duration of the COVID-19 pandemic, we are confident that the Group is well positioned to continue supporting the recovery efforts of the economies in which we operate. We also remain committed to assisting with the vaccination drive across the Group’s territories. With collective creativity and hard work, I am confident our economies can emerge more resilient. Finally, I would like to acknowledge the efforts of staff within the Group for their continued commitment to serving our clients and our communities.”