T&T Republic Bank posts TT$550m profit

(Trinidad Express) The Republic Bank Group has recorded a net profit attributable to shareholders of TT$550.1 million for the financial half-year ended March 31.

This represents a 4.7 per cent improvement over the comparable period last year, the bank said yesterday.

In announcing the Group’s half-year results Republic Bank chairman Ronald Harford said, “Republic Bank’s total assets exceeded the TT$50 billion mark, reflecting a creditable growth of 7.4 per cent for the six months ended March 31, 2012. These hallmark achievements are noteworthy especially as we celebrate our 175th anniversary on May 15  this year.”

He added, “No other financial institution has had such an illustrious history in Trinidad and Tobago and we are proud of this achievement, as it reflects the bank’s enduring strength and prudent management over the long term.

Harford said that the prevailing economic conditions across the bank’s major markets were mainly characterised by soft interest rates and tightening margins.

“We therefore continue to focus on cost containment and treasury management, strategies which continue to serve us well. A notable 5.4 per cent growth in our advances portfolio has helped to negate the impact of the market challenges.”

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