Republic Bank posts $629m profit

Published: Wednesday May 7, 2008

The Republic Bank Group has recorded profit attributable to shareholders of TT$629.7 million for the half-year ended March 31st, 2008.

Chairman of the Bank, Ronald F. de C. Harford, in commenting on the performance over the first six months stated that, "The Group has reported a very creditable growth in core earnings of 23 per cent for the six months ending 31st March 2008 when compared to the corresponding period last year. Moreover, total assets are now $39.3 billion, a 5 per cent increase over the six-month period."

The Chairman revealed that the half year profit attributable to shareholders of $629.7 million included an after tax gain of $82 million from the allocation of shares in Visa Inc. Harford compared this to the March 2007 profit of $813.9 million, which included the $370 million gain from the sale of shareholding in FirstCaribbean International Bank. The Group's core earnings therefore which exclude these exceptional items, were $547.6 million at 31st March 2008 versus $443.8 million at 31st March 2007.

The Board of Directors of Republic Bank has approved a half year dividend of $1.15 per share, a 22 per cent increase over 2007 which will be paid to shareholders on May 29, 2008.


Source: Trinidad and Tobago Express Newspapers
http://www.trinidadexpress.com/index.pl/article_business_mag?id=161319552