RBFH records $1.2 million profit at third quarter
Republic Financial Holdings Limited (RFHL) has recorded a profit attributable to shareholders of $1,232.6 million for the nine-month period, ended June 30 2019. This represents an increase of $239.2 million or 24.1% over the corresponding period of the last financial year.
In announcing the results, the Group's Chairman Ronald F deC Harford said RBL Trinidad and Tobago and Cayman National Corporation contributed to the increase.
"As reported at the half-year ended March 31, 2019, there were two significant one-off items, the net impact of which increased profits by $93.1 million. Excluding the impact of these items, the Group's core profit was $1,139.4 million, $146.1 million or 14.7% more than the prior period. Apart from RBL Barbados, there was a general improvement in profitability across the Group, with the RBL Trinidad and Tobago Group ($65.7 million) and Cayman National Corporation ($57.5 million) being the main contributors to the significant increase in core profitability. Approximately one-third of our core profits are generated from our overseas operations."
Harford noted that total assets stood at $85.5 billion at June 30, 2019, an increase of $15.7 billion or 22.4% over that of June 2018. He attributed this to the acquisition of Cayman National Corporation on March 13, 2019, which added $11.1 billion to the Group's asset base.
The Group's chairman also spoke about its intention to purchase Scotiabank's operations across the region.
"RFHL previously announced the commencement of the process to acquire Scotiabank's banking operations in Guyana, St Maarten and the Eastern Caribbean (Anguilla, Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, St Lucia and St Vincent and the Grenadines). We continued to engage the various regulators whose approvals are required for the acquisition, through meetings and/or providing information. We expect this strong performance to continue for the remainder of the fiscal year."
Harford expressed his appreciation for the continued support of management, staff and customers of the Group.