The Chairman of Republic Financial Holdings Limited (RFHL), Vincent Pereira, announced today that the Group recorded profits attributable to shareholders of US$117.8 million for the half year ended March 31, 2023. This represents an increase of US$8.7 million or 7.96% over the profit reported in the corresponding period of the last financial year. Total assets stood at US$17.1 billion at March 31, 2023, an increase of US$113.8 million or 0.67% over the total assets at March 2022.
In announcing the results Mr. Pereira said, “The half year ended March 31, 2023 was a solid period for the Republic Financial Holdings Limited Group (the Group). Throughout the six months, all Group subsidiaries recorded improved growth in their loans and investments portfolios fuelled by increases in customer deposits. As a result of this growth, our subsidiaries recorded increases in net interest income, enhanced, in part, by the impact of the rising interest rate environment on US dollar denominated securities in our Cayman Islands and British Virgin Islands (BVI) operations. Non-interest income has also been boosted by increased activity in our tourism-based subsidiaries, following the ongoing recovery of tourism activity in those islands.
Our Ghana subsidiary has stabilized and has not suffered any further impact from the Debt Exchange since the first quarter.”
Based on these results, the Board of Directors has declared an interim dividend of US$0.16 (2022: US$0.16) per share payable on May 31, 2023.
In closing Mr. Pereira said, “I would like to acknowledge the efforts of all staff of the Group for their continued commitment to providing outstanding service to our clients and communities.”