Republic Bank reported profit attributable to shareholders of TT$1.22 billion for the year ended September 2015, representing an increase of $30 million or 2.5 percent over that reported for 2014.
For the last quarter, Republic shareholders enjoyed net profit of $326 million versus $324 million in the 2014 quarter, from net operating income of $1.06 billion up from $950 million in 2014.Earnings per share for 2015 is $7.59 and for 2014 $7.42 and diluted earnings per share of $7.57 versus $7.39 in 2014 while return on average assets ended at 1.97 percent, down from 2.10 percent in 2014. Return on average equity for 2015 is 14.09 percent compared to 14.33 percent in 2014.
“Growth was driven by a 10.6 percent increase of $235 million in net interest income, arising from a $5.9 billion or 21.8 percent growth in the loan portfolio and the recovery of $123 million after tax on a non-performing facility. This was offset by an increase in operating expenses of $212 million and impairment expenses of $109 million,” Ronald deC. Harford, Chairman of the group stated.
Harford continuing, indicated the “increase in operating expenses is attributable mainly to the consolidation of HFC Bank (Ghana) and Republic Bank (Suriname) which amounted to $89 million. Impairment expenses of $52 million (net of minority interest) was recorded by HFC to bring its loan provisions in line with Group policy and $57 million was booked by Republic Bank (Cayman) relating to loans and goodwill impairment”.
Total Group assets increased by $6.6 billion or 11.2 percent over the prior period to $66 billion at September 2015 which was aided by two acquisitions during the year by increasing their holding in HFC to 57.11 percent and in July and 100 percent shareholding in RBC Royal Bank (Suriname) N.V. These two purchases added $5.5 billion to the total assets.
A final dividend of $3.10 for the year ended September 2015 (2014: $3.00) will be paid on December 1, bringing the total dividend for the fiscal year to $4.35, a slight increase over the $4.25 paid in 2014.
Republic Bank is headquartered in Trinidad and is listed on the country’s stocks exchange and last traded at $112.
Flat profit for Republic Bank
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