Republic announces 1st quarter profit of $350.5 million

Republic Financial Holdings Limited (RFHL) has announced that the group recorded profit attributable to shareholders of $350.5 million for the quarter ending December 31, 2018.

This represents an increase of $10.5 million or 3.1% over the corresponding period of the previous financial year.

At December 31, 2018, RFHL's total assets stood at $72.5 billion, an increase of 3.6% over the total assets at December, 2017 and 2.9% over September, 2018.

“The increase in profitability continues to be driven by our overseas subsidiaries, mainly Guyana. RFHL previously announced the potential acquisition of up to 74.99% of the ordinary shares of Cayman National Corporation Limited (CNC), the parent company of Cayman National Bank and the agreement to acquire Scotiabank’s banking operations in Guyana, St. Maarten and the Eastern Caribbean (including Anguilla, Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines)," RFHL chairman, Ronald Harford said.

He added: "The current position is that the CNC acquisition is at an advanced stage of the regulatory approval process and we have recently commenced this process for the Scotiabank transaction, in addition to engaging all other relevant stakeholders. Although there are economic challenges in several of our key markets, we believe that the solid performance achieved in this quarter will continue for the remainder of the year.”

Harford expressed his appreciation for the continued support of management, staff and customers of the Republic group.

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