Business, News

RFHL Records US $58.4 Million in First Quarter Profits

The Chairman of Republic Financial Holdings Limited (RFHL), Vincent Pereira, announced today profit attributable to equity holders of the parent of US$58.4 million for the quarter ending December 31, 2020.

Vincent Pereira Chairman of Republic Financial Holdings Limited and Republic Bank Limited

In announcing the results Mr. Pereira said, “Compared to the First Quarter of 2020, these results reflect the negative impact of the Covid-19 pandemic since we experienced a reduction in both our net interest margins and fees and commissions. This was off-set by the positive impact of our acquisition of the British Virgin Islands (BVI) operations in June 2020. The net result is an increase of US$2.6 million or 4.6% over the corresponding period last year.”

Total assets stood at US$15.6 billion at December 31, 2020, an increase of US$380.8 million or 2.5% over the total assets at December 2019. This increase was mainly due to the BVI acquisition in June 2020.

He went onto say, “The uncertainty over the duration of the COVID 19 pandemic and the timing of any economic recovery will continue to place downward pressure on our performance.  However, we remain confident of the future as our strong capital base and our robust governance structure will provide the platform to meet the challenge.   Our focus remains on building the Group’s resiliency through various initiatives aimed at improving efficiency, supporting our customers through these trying times, expanding our suite of electronic products and making it easier for clients to access these products remotely.”

Mr. Pereira concluded, “Going forward, we will continue to work with our customers, provide a safe working environment for our employees and assist the communities we serve via our Power To Make a Difference Programme.”

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