Republic Bank Ltd has recorded a profit of TT$552.5 million, for its half year ended, March 31.
According to a press release, announcing the results, Republic Bank’s Chairman, Ronald F deC Harford, said, “The performance for the current period was adversely impacted by an impairment charge of $49 million for the recently defaulted Government of Grenada Bond, booked in accordance with applicable International Financial Reporting Standards.”
However, he added, “The recent upswing in credit demand and strong growth in other income, have helped the Group achieve a satisfactory half-year performance,” the release said. “Should these trends continue, we expect to sustain this performance through to the fiscal year end,” he ended.
The profit attributable to shareholders is an increase of 0.4% over the corresponding period last year.
Total assets now stand at TT$54.8 billion, an increase of 8.2% over March 2012 and 6.3% over the year ended September 2012.
The release said the Board of Directors has declared a half-year dividend of $1.25 (2012:$1.25) and this will be payable on May 31.
Harford expressed his appreciation for the continued support of management, staff and customers of the group, the release said.
Republic Bank Ltd is the parent company of Republic Bank (Guyana) Ltd.
