Chairman of Republic Financial Holdings (RFHL), Vincent Pereira, has announced profit attributable to its equity holders of $1.15 billion for the nine-months ended June 30.
This is an increase of $109.7 million or 10.6 per cent over the $1.04 billion reported in the corresponding period of the last financial year.
In a statement issued on Tuesday, Pereira said, “Our performance for this period of 2022 reflects a modest improvement over our core pre-COVID 2019 third quarter performance, by $6.3 million or 0.6 per cent.”
He added during the third quarter of the group’s fiscal year all the countries where it operated in continued the relaxation of COVID related protocols which positively impacted the tourism dependent areas, where economic activity continues to improve steadily.
According to Pereira the group also benefited from rising interest rates on US-dollar denominated securities in some of its operations.
“These positive impacts were somewhat dampened by continued supply chain disruptions and inflationary pressures resulting from the Russia/Ukraine war,” he also noted.
Additionally, Pereira said total assets stood at $112.9 billion at June 30, 2022, an increase of $4.7 billion or 4.3 per cent over the total assets at June 2021.
He explained this increase was funded by growth in customer deposits across its subsidiaries in the Cayman Islands, Eastern Caribbean, Guyana, and Barbados.
Pereira added that amid continued economic uncertainty, the group remains focused on cost management, improving the experiences of clients and staff through increased investment in its digital offerings and continuing to provide a safe working environment for its teams.
He also express his gratitude and thanked to the Republic team, noting its commitment everyday to serve clients and communities with excellence that has enabled this outcome for the RFHL Group.