The Chair­man of Re­pub­lic Fi­nan­cial Hold­ings Lim­it­ed (RFHL), Vin­cent Pereira, has an­nounced prof­it at­trib­ut­able to its eq­ui­ty hold­ers of $1.15 bil­lion for the nine months end­ed June 30, 2022.

This is an in­crease of $109.7 mil­lion or 10.6% over the $1.04 bil­lion re­port­ed in the cor­re­spond­ing pe­ri­od of the last fi­nan­cial year.

In an­nounc­ing the re­sults 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%. Dur­ing the third quar­ter of the Group’s Fis­cal year all the coun­tries where we op­er­ate con­tin­ued the re­lax­ation of Covid-re­lat­ed pro­to­cols which pos­i­tive­ly im­pact­ed the tourism-de­pen­dent ar­eas, where eco­nom­ic ac­tiv­i­ty con­tin­ues to im­prove steadi­ly. The Group al­so ben­e­fit­ted from ris­ing in­ter­est rates on US dol­lar-de­nom­i­nat­ed se­cu­ri­ties in some of our op­er­a­tions. These pos­i­tive im­pacts were some­what damp­ened by con­tin­ued sup­ply chain dis­rup­tions and in­fla­tion­ary pres­sures re­sult­ing from the Rus­sia/Ukraine war.”

He went on to say, “To­tal as­sets stood at $112.9 bil­lion at June 30, 2022, an in­crease of $4.7 bil­lion or 4.3% over the to­tal as­sets at June 2021. This in­crease was fund­ed by growth in cus­tomer de­posits across our sub­sidiaries in the Cay­man Is­lands, East­ern Caribbean, Guyana, and Bar­ba­dos. Amid con­tin­ued eco­nom­ic un­cer­tain­ty, the Group re­mains fo­cused on cost man­age­ment, im­prov­ing the ex­pe­ri­ences of our clients and staff through in­creased in­vest­ment in our dig­i­tal of­fer­ings and con­tin­u­ing to pro­vide a safe work­ing en­vi­ron­ment for our teams.”

Pereira con­clud­ed, “I would like to ex­press my grat­i­tude and thanks to every mem­ber of the Re­pub­lic Team as it is their com­mit­ment every day to serve our clients and com­mu­ni­ties with ex­cel­lence that has en­abled this out­come for the RFHL Group.”