(Trinidad Guardian) The Republic Financial Holdings Ltd (RFHL) achieved a profit attributable to equity holders of TT$2 billion for the year ended September 30, 2024.
This is an increase of TT$250 million or 14.6 per cent over the profit of TT$1.75 billion reported for the final year ended September 30, 2023, according to a news release from the financial services group on Monday.
In announcing the fourth quarter results, RFHL’s chairman, Vincent Pereira, said that throughout the final year, the group made notable progress in executing on its strategy. By maximising the value of its core business segments—retail, mortgage, SME, and corporate markets— and through the group’s commercial excellence programme, the company continued to optimise efficiency and to simplify the way the group delivers performance.
In addition to this, RFHL continues to strategically expand in the areas of insurance and wealth management. This value-led growth approach has enabled the group to solidify its market presence while continuing to create space to explore new opportunities.
Pereira further stated that the board of directors has declared a final dividend of TT$3.55 per share, bringing the total dividend to TT$5.70 per share for the fiscal year (2023: TT$5.20). That is an increase of 9.6 per cent or TT$0.50, over the previous year, in line with the 9.2 per cent increase in its core profits after tax.
The final dividend, Pereira said, will be paid on December 4, 2024, to shareholders on record as of November 21, 2024.
“With a closing share price of TT$111.93, this equates to a dividend yield of 5.09 per cent (2023: 4.30 per cent). The Group’s capital adequacy ratios remain robust across all countries and at the consolidated level,” said Pereira.
In addition to reporting the fourth quarter results, Pereira also took the opportunity to highlight the work being undertaken by the Group on the sustainability front.
During 2024, he said the Group continued to grow its sustainability, capability and focus, ensuring that this remains a priority as it makes strides in reducing its environmental footprint, improving energy efficiency, and supporting our customers through financing for sustainable growth.
“In line with this commitment, Republic Bank Ltd hosted its inaugural Sustainability Expo on September 13 and 14, 2024 in Trinidad and Tobago featuring 126 exhibitors and attracting over 3000 participants. The Expo was a success and provided a platform for like-minded businesses and consumers to explore innovative solutions aligned with the Group’s sustainable finance practices and long-term growth,” Pereira added.