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RFHL Records US$228.4 Million in End of Year Profits

Image of Vincent Pereira, Chairman of Republic Financial Holdings Limited and Republic Bank Limited
Vincent Pereira, Chairman of Republic Financial Holdings Limited and Republic Bank Limited

The Chairman of Republic Financial Holdings Limited (RFHL), Vincent Pereira, announced Monday a profit attributable to equity holders of US$228.4 million for the year ended September 30, 2022. This represents an increase of US$32.6 million or 16.7% over the 2021 reported profits of US$195.8 million, and US$8.1 million or 3.5% below the 2019 reported profits of US$236.7 million. This performance reflects the impact of the Group’s expansion, revenue diversification and cost management strategies, the uptick in economic activity as well as the increase in yields in the US dollar denominated financial instruments held across the Group.

In announcing the results Mr. Pereira said, “Over the past financial year, the countries in which RFHL operates continued to relax their COVID-19 protocols. Borders and schools were re-opened, restrictions on gatherings and public mask mandates were removed and almost all commercial activities resumed. The resulting resurgence of economic activity, especially in the tourism dependent economies, augured well for the Group. Throughout this period RFHL continued to serve its stakeholders, providing support to our customers as they navigated new challenges to their business model. We also worked to improve the customer experience through increased investment in our digital offerings.”

He went on to say, “During 2022 we strengthened our sustainability focus, adding capacity and execution capability to the Group through the creation of an Office of Sustainability.  Additionally, through our Group flagship Power to Make a Difference Programme we are forging new, valued partnerships with NGOs and groups whose specific focus aligns to the pillars of our sustainability and Environmental, Social and Governance (ESG) effort.  By continuing our focus on responsible banking and sustainability, our goal is to actively shape a more sustainable future for all.”

The Board of Directors has declared a final dividend of US$0.52 (2021: US$0.45) per share, which brings the total dividend to US$110.1 million or US$0.67 (2021: US$0.60) per share for the fiscal year, an increase of 12.5% in total dividend payment over 2021, and in line with the 2019 dividend payment. At a closing share price of US$20.96, this dividend represents a dividend yield of 3.21% (2021: 2.93%). The final dividend will be paid on December 1, 2022, to all shareholders of record on November 17, 2022.

Mr. Pereira concluded, “Within an environment that presented both challenges and uncertainty the Group has delivered a good performance for the year ending September 30, 2022.  This success could not have been realized without the talented, resilient and dedicated staff across each of the 14 countries in which we operate. For their continued high level of commitment and their dedication to our customers, I am truly grateful.”

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