Republic Financial reports more profit

Republic Bank pretax profit rise 8% in Q1.

Trinidad’s Republic Financial Holdings reported net profit of $340 million for the quarter ended December 2017. Profit after tax increased a mere 3 percent or $10 million over 2016.
Revenues net of interest cost rose 13 percent to $560 million from $496 million in 2016 and profit before tax rose 8 percent to $508 million, but increase taxation in the quarter reduced the net results.
According to the directors, the improved results came from better performance in the overseas territories while results in Trinidad and Tobago declined due to a $34 million increase in loan loss provision.
Segment results were mixed with Trinidad and Tobago contributing flat results of $1.08 billion. Barbados rose from $55 million to $102 million. Guyana fell from $39 million to $34 million. Cayman, Suriname and the Eastern Caribbean continues contributed $55 million versus $40 million in 2016 and Ghana jumped from just $724,000 to $31 million.
The performance also benefitted by a reduction in operating expenses that fell from $698 million to $667 million.
Loans net of loan loss provisions, grew 6 percent to $37 billion from $34.8 billion in 2016 and from $35.5 billion at the end of September 2017. Republic closed on the Trinidad Stock Exchange at $101.50 on Thursday with a PE ratio of 12.
All figures are in TT$

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