Republic Financial Holdings Records US$75 Million in First Quarter Profits

The Chairman of Republic Financial Holdings Limited (RFHL), Vincent Pereira, has announced that the Group recorded profit attributable to its equity holders of US$75 million for the three-month period ended December 31, 2023. Excluding one-off losses reported in the prior period, core profits after tax and non-controlling interest increased by US$5 million or 6.9 percent, while reported profits increased by US$15 million or 26 percent over the US$60 million reported in the corresponding period of the last financial year.

Total assets stood at US$17.2 billion at December 31, 2023, an increase of US$246 million or 1.46 percent over the total assets at December 2022. This increase was fuelled by growth in the loans and investments portfolios across all subsidiaries.

In announcing the results Pereira said “The Group’s first quarter results reflect the impact of this strong growth in loans and investments, combined with the continued strong interest rate environment for our US$ denominated subsidiaries. All subsidiaries recorded strong performances despite the ongoing economic challenges in some environments. The overall performance continues to highlight the value of the Group’s international diversification strategy and the resilience of our operations.”

He added “Based on these results, the Board of Directors has declared its first ever quarterly interim dividend of US$0.08 per share payable on February 29, 2024 to all shareholders on record at February 15, 2024.