Trinidad-based Republic Financial Holdings Limited (RHFL) says it has made a profit attributable to equity holders of TT$1.526 billion (One TT dollar=US$0.16 cents) for the year ended September 30.
RHFL chairman, Vincent Pereira, said this represents an increase of TT$218 million or 16.7 percent over the 2021 reported profits of TT$1.308 billion, and TT$55 million or 3.5 percent below 2019 reported profits of TT$1.581 billion.
According to the RFHL, which has operations in several Caribbean countries, 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.
“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,” Pereira added.
He said during 2022, the Group strengthened its 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 Program 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 TT$3.45, up from TT$3.00 last year, per share, which brings the total dividend to TT$735.8 million or TT$4.50, up from TT$4.00 last year, per share for the fiscal year, an increase of 12.5 percent in total dividend payment over 2021, and in line with the 2019 dividend payment.
The RHFL said at a closing share price of TT$140.01, this dividend represents a dividend yield of 3.21 percent. The final dividend will be paid on December 1, 2022, to all shareholders of record on November 17, 2022.
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