Republic Bank records US$115.86 million in third quarter profits

The Chairman of Republic Financial Holdings Limited (RFHL), Vincent Pereira, announced a profit attributable to shareholders of US$115.86 million for the nine-month period ended June 30, 2020, a decline of US$68.56 million or 37.2% below the corresponding period last year.

These results reflect the financial impact so far of the novel coronavirus (COVID-19) pandemic on the Group, mainly resulting from decreased economic activity, narrower margins due to reduced lending interest rates, waiver of fees and commissions and the setting aside of additional credit provisions to cover potential future losses.

In announcing the results Mr. Pereira said, “Total assets stood at US$15.76 billion at June 30, 2020, an increase of US$2.98 billion or 23.2% over the total assets at June 30, 2019.

This increase was, in the main, due to the acquisition of Scotiabank’s banking operations in St. Maarten and the Eastern Caribbean (Anguilla, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines) on November 1, 2019.

This added US$1.9 billion and the acquisition of Scotiabank’s operations in the British Virgin Islands (BVI) on June 1, 2020 added a further US$ 0.46 billion to the Group’s asset base.”