Republic Bank rakes in US$228.4M in year-end profits

– attributes profit to continued resurgence of economy post-COVID

Republic Bank has announced a US$228.4 million profit being recorded by the year ended September 30, 2022, a 16.7 per cent interest compared to 2021 that the company attributed to society bouncing back from the COVID-19 pandemic.
In a statement, Chairman of Republic Financial Holdings Limited (RFHL), Vincent Pereira, announced that while the figure represents an increase of US$32.6 million or 16.7 per cent over the 2021 reported profits of US$195.8 million, it is also US$8.1 million or 3.5 per cent 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,” the statement said.
The Chairman further noted in the statement that over the past financial year, the countries in which RFHL operates have continued to relax their COVID-19 protocols. This means 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.”
“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,” he further announced.
He explained that by continuing their focus on being a responsible and sustainable bank, they hope to play a role in actively shaping a more sustainable future for all. Meanwhile, the Board of Directors have declared a final dividend of US$0.52 (2021: US$0.45) per share.
This 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 per cent 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 per cent (2021: 2.93 per cent). The final dividend will be paid on December 1, 2022, to all shareholders of record on November 17, 2022.
“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 realised without the talented, resilient, and dedicated staff across each of the fourteen (14) countries in which we operate. For their continued high level of commitment and their dedication to our customers, I am truly grateful,” Pereira concluded.