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Businessuite 2016 Top Trinidad and Tobago CEO |
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Carib Rank |
Carib Rank |
NAT Rank |
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US$000 |
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% |
2015 |
2016 |
2016 |
Chief Executive Offier (CEO) |
Company |
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2015 |
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change |
64 |
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1 |
David Dulal-Whiteway |
Republic Financial Holdings Limited |
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192,214 |
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301.61% |
David Dulal-Whiteway, Managing Director of Republic Bank Limited, was appointed to this position in 2005. He has been a banker for over 20 years. He is a graduate of The University of the West Indies (UWI) and The University of Western Ontario.
He sits on the Boards of Republic Bank (Cayman) Limited, Republic Bank Trinidad and Tobago (Barbados) Limited, HFC Bank (Ghana) Limited and other companies in the Group.
External Appointments
Mr. Dulal-Whiteway is the Chairman of The Foundation for the Enhancement and Enrichment of Life (FEEL), a non-profit organisation.
2015 Performance Review
For the year ended September 30, 2015, Republic Bank Limited (the Group) recorded profit attributable to equity holders of the parent of $1.22 billion, an increase of $30.3 million or 2.5% over the prior year. Total Group assets increased by $6.6 billion or 11.2% to $66 billion as at September 30, 2015.
The major contributing factor to the profitability was the rise in net interest income of $235 million or 10.6%, driven by $5.9 billion or 21.8% growth in the loan portfolio. Loan growth continues to be robust in Trinidad and Tobago, which was the main contributor to the growth in net interest income. Gains on the sale of property in Guyana contributed to a 19% or $14 million increase in profits, while growth in Barbados has stabilised after one-off adjustments. Grenada enjoyed a $5 million increase in profitability due to better management of interest rates, while moderate economic recovery resulted in a decrease in loan impairment expense.
However, these positives were affected by several challenges that reduced profitability. The carrying value of goodwill for our operations in the Cayman Islands was reduced by $31 million due to a decline in profitability. In May 2015, we increased our shareholding in HFC Bank (Ghana) Limited (HFC) to 57.11% following the mandatory takeover bid. The overall cost of our HFC acquisition totalled $458.8 million. Upon completion of our acquisition, and
as part of our restructuring of HFC, we recognised loan impairment expenses of $91.2 million ($52.1 million net of minority interest).
On July 31, 2015 we acquired a 100% shareholding in RBC Royal Bank (Suriname) N.V. (renamed Republic Bank (Suriname) N.V.) at a cost of $288.6 million.
The acquisition of HFC and Republic Bank (Suriname) N.V. added $5.5 billion to our asset base. We expect HFC to return to profitability in 2016 after recording a loss in 2015 which was due primarily to restructuring expenses for its loan portfolio.
The Board of Directors has declared a final dividend of $3.10 per share for the year ended September 30, 2015. This, when combined with the interim dividend of $1.25 per share, brings the total dividend for the year to $4.35 per share. At a closing share price of $112.00 per share, this equates to a dividend yield of 3.88%.
The Bank continues to maintain a strong capital base, reflected in a total capital adequacy ratio of 21.72%, well in excess of the 8% minimum requirement.
This excess capital places us in a good position to withstand the increased capital requirements of the Basel II accord, which will be implemented in Trinidad and Tobago within the upcoming year.
Source 2015 Annual Report
To view full report click HERE