Latest update April 19th, 2024 12:59 AM
Feb 01, 2014 News
– worried about high liquidity
The Republic Bank Group has recorded a profit attributable to shareholders of US$45.6M for the three-month period ending December 31, 2013.
According to the group, this represents an increase of 2.2% over the corresponding period.
The group’s total assets stood at US$9.1B at December 31, 2013, an increase of 6.7% from December, 2012 and 0.5% over the year ended September, 2013.
According to Republic Bank Chairman, Ronald Harford, “We are encouraged by the growth and stability of our loan portfolio which was reflected in a year on year increase of 7.3% and a reduction in loan impairment expense of over US$2.3M from the corresponding period in 2012. The results of this quarter also include a contribution of US$1.6M from our 40% investment in HFC Bank Ghana Limited.”
Harford said that the bank expected this good performance to continue for the remainder of the year, as focus continues to be placed on maintaining a high quality loan portfolio, cost containment and growth in non-interest income.
He, noted, however that the Group continues to be challenged by high liquidity which is leading to declining margins, and indicated that investments in Barbados and the Eastern Caribbean will continue to be closely monitored, once difficult economic conditions persist in those territories.
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Apr 19, 2024
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