Republic Bank Records $ 572.7 Million In Half-Year Profits

Port-of-Spain, Trinidad: April 30, 2015: The Republic Bank Group has recorded a profit attributable to shareholders of $ 572.7 million for the half-year ended March 31, 2015, an increase of 2.1% over the corresponding period last year. Total assets stood at $59.7 billion at March 31, 2015 an increase of 1.8% from March, 2014.

Republic Bank’s Chairman, Mr. Ronald F. deC. Harford, in announcing the Group’s results said, despite subdued economic conditions, net interest income grew by $42.7 million (3.8%), which was driven by growth in the loan portfolio of $1.3 billion.

“We have also benefited from a reduction in loan impairment expense by 56% when compared with the previous year,” Mr. Harford explained.

He was also please to announce that the Group was successful in resolving all legal hurdles in Ghana.

“The mandatory offer to all the shareholders of HFC Bank (Ghana) Limited has been made and we have every confidence of gaining majority control in the next few weeks,” he stated.

On April 1, 2015, a share purchase agreement was executed to acquire RBC Royal Bank (Suriname)N.V at a cost of US$39.8 million. This transaction is subject to regulatory approvals and is expected to close on June 30, 2015. This acquisition will add further US$525 million to the Group’s asset base.

The Board of Directors has declared a half-year dividend of $1.25 (2014:$1.25) per share, payable on May 28, 2015.

Mr. Harford expressed his on-going appreciation for the continued support of management, staff and customers of the Republic Bank Group.