(Trinidad Guardian) The Republic Bank Group has recorded a profit attributable to shareholders of TT$1.1 billion, a 12.8 per cent increase over last year’s performance. In a statement issued yesterday, Republic Bank stated that total assets now stand at TT$47.3 billion, reflecting an increase of three per cent over last year.
This performance was achieved against the background of the serious debt crises being faced by Europe and the United States, which continue to have a negative ripple effect on the tourism-reliant economies of the Caribbean. “In announcing the results, Republic Bank’s chairman, Ronald Harford noted that, the outlook for 2012, is one of flat performances across the region, except for resource-endowed countries like Guyana and T&T, where better growth rates are expected,” the bank stated.
According to Harford, “We remain hopeful that Government’s recent 2011/2012 budget presentation, which focused on job creation, spurring investment and national security, will contribute to an improved economic environment.” The board of directors has declared a final dividend of TT$2.75 (2010: TT$2.40) to be paid on December 2.