Re­pub­lic Fi­nan­cial Hold­ings Lim­it­ed (RFHL) has an­nounced a prof­it at­trib­ut­able to eq­ui­ty hold­ers of the par­ent of $391.1 mil­lion for the quar­ter end­ing De­cem­ber 31, 2020.

RFHL’s chair­man Vin­cent 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 $17.3 mil­lion or 4.6 per cent over the cor­re­spond­ing pe­ri­od last year,” Pereira stat­ed.

The prof­it at­trib­ut­able to share­hold­ers for the quar­ter end­ing De­cem­ber 31, 2019 was $373.9 mil­lion.

Ac­cord­ing to RFHL its to­tal as­sets stood at $104.7 bil­lion at De­cem­ber 31, 2020.

This was an in­crease of $2.6 bil­lion or 2.5 per cent over the to­tal as­sets at De­cem­ber 2019.

This in­crease was main­ly due to the BVI ac­qui­si­tion in June 2020, RFHL stat­ed.

“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,” Pereira stat­ed.

“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,” he stat­ed.

Pereira con­clud­ed stat­ing that, “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.”