The Chairman of Republic Financial Holdings Limited (RFHL), Vincent Pereira has announced a profit attributable to shareholders of the parent of US$115.86 million for the nine-month period ended June 30, 2020, a decline of US$68.56 million or 37.2 percent 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. The ongoing uncertainty surrounding the current and potential impacts of the Covid pandemic demands that the Group continues to exercise prudence as we navigate the way forward in the best interest of all our stakeholders.
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 percent 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 which added US$1.9 billion and the acquisition of Scotiabank’s operations in the British Virgin Islands (BVI) on June 1, 2020 which added a further US$ 0.46 billion to the Group’s asset base.”
He went on to say, “We remain committed to our clients during this difficult time. In addition to the measures already instituted by the Group, we are working closely with all our business clients to identify appropriate financing structures to facilitate the continued success of their respective businesses and with our retail clients to agree suitable loan repayment structures.”
Mr Pereira concluded, “I would like to extend thanks to all our dedicated employees who continue to provide customers with essential banking services during this period. Republic Financial Holdings Limited remains committed to balancing the interests of all our stakeholders in the territories in which we operate and to assisting in the recovery of the economies of these territories.”