Despite the first three months of Republic Financial Holdings Ltd’s financial year being impacted by the COVID-19 pandemic and global supply chain disruptions, RFHL was able to record an after tax profit of $432 million for the period.

This was an increase of just under $8 million compared to the same period in 2020.

“The quarter ended December 31, 2021, the first quarter of the Group’s 2022 financial year, was marked by an upsurge in COVID-19 infections in many territories in which we serve following the emergence of the Omicron variant. Then resulting increased uncertainty and reduced productivity due to staff absences and self-imposed lockdowns, coupled with the impact of global supply chain disruptions, dampened expectations for a robust recovery of economic activity during the quarter,” RFHL’s chairman Vincent Pereira stated.

Pereira stated that in light of these ongoing challenges, the Group redoubled its efforts to work closely with its clients “to mitigate the longer-term adverse effects of the pandemic, including the extension of moratoriums on loans for affected customers.”

He said against this backdrop, RFHL recorded profit attributable to equity holders of the parent of $395.9 million for the quarter ended December 31, 2021.

This was an increase of $4.7 million or 1.2% over the corresponding period in 2020.

Total assets stood at $111.9 billion at December 31, 2021, an increase of $7.3 billion or 6.9 per cent over the total assets at December 2020.

“Despite ongoing concerns over the duration and long-term impact of the COVID 19 pandemic, we remain steadfast in supporting our clients, stakeholders and our communities, in continuing to provide a safe working environment for our staff, and in building the Group’s resilience through strategic investments in innovation and initiatives to improve efficiency. We do remain optimistic for the future. I would like to thank our customers, staff and other stakeholders for their continued support,” he stated.