Republic Bank Records US$45.6million Profit In First Quarter

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The Republic Bank Group, has recorded a profit attributable to shareholders of US$45.6million for the three-month period ending December 31, 2013.
This represents an increase of 2.2 percent over the corresponding period of last year. The Group’s total assets stood at US$9.1billion as at December 31, 2013, an increase of 6.7 percent from December, 2012 and 0.5 per cent over the year ending September, 2013.

Republic Bank Chairman, Ronald F .deC. Harford, in announcing the Group’s results said, “We are encouraged by the growth and stability of our loan portfolio which was reflected in a year on year increase of 7.3 per cent and a reduction in loan impairment expense of over US$2.3million from the corresponding period in 2012. The results of this quarter also include a contribution of US$1.6million from our 40 per cent investment in HFC Bank Ghana Limited.”

Mr. Harford, said that the Bank expected this good performance to continue for the remainder of the year, as focus continues to be placed on maintaining a high quality loan portfolio, cost containment and growth in non-interest income. He noted, however, that the Group continues to be challenged by high liquidity, which was leading to declining margins, and indicated that investments in Barbados and the Eastern Caribbean would continue to be closely monitored, once difficult economic conditions persist in those territories.

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