Republic Financial Holdings records US$55.8 Million in first Quarter Profits

THE PRESIDENT OF Republic Financial Holdings Limited (RFHL), Nigel Baptiste, announced on Thursday a profit attributable to shareholders of US$55.8 million for the quarter ending December 31, 2019, an increase of US$3.48 million or 6.7% over the corresponding period last year.

Baptiste, in announcing the results said, “Total assets stood at US$15.24 billion at December 31, 2019, an increase of US$4.42 billion or 40.9% over the total assets at December 2018. This increase was mainly due to the two acquisitions in 2019. The acquisition of Cayman National Corporation on March 13, 2019 added US$1.75 billion and 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 added US$1.9 billion to the Group’s asset base. We have commenced the process to acquire Scotiabank’s banking operations in British Virgin Islands and are presently engaged with the various regulators whose approvals are required for this acquisition.”

Baptiste went on to say that, notwithstanding the economic challenges in several of the Group’s key markets, he is confident of a solid performance for the balance of the financial year and expressed his appreciation for the continued support of management, staff and customers of the Republic Group.