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Businessuite 2024 #1 Caribbean Company – Profit after Tax Republic Financial Holdings Limited

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Republic Financial Holdings Limited (RFHL) is the registered owner of all of the Banks in the Republic Group – Republic Bank Limited, Republic Bank (Guyana) Limited, Republic Bank (Barbados) Limited, Republic Bank (Grenada) Limited, Republic Bank (St Maarten) N.V., Republic Bank (EC) Limited, Republic Bank ( Anguilla) Limited, Republic Bank (Suriname) N.V, Republic Bank (Cayman) Limited, Republic Bank (Ghana) Plc., Republic Bank (BVI), Cayman National Corporation as well as Republic Wealth Management Limited and other subsidiaries.

In keeping with international best practice, this holding company was formed with the aim of offering increased operational efficiencies and optimum management of the Group; ultimately leading to greater value for our shareholders and clients while enabling greater strategic focus and diversification.

Leadership

Vincent A. Pereira, Chairman
Vincent A. Pereira is an accomplished petroleum engineer with more than 35 years in the energy sector, bringing extensive leadership and technical expertise to his role as Chairman of RFHL. His career includes significant achievements in both Trinidad and Tobago and the United States, with a strong background in operational excellence and strategic development.

Mr. Pereira is a former President of BHP Trinidad and Tobago, where he was instrumental in achieving value-based growth, overseeing major offshore developments, and spearheading exploration efforts in deepwater frontier basins. His influence extends to industry governance, having served as a Director of the Energy Chamber of Trinidad and Tobago and as a Governor on the Board of the National Energy Skills Centre.

Education and Credentials
Bachelor of Science in Chemistry, University of Guelph
Master of Business Administration (MBA), Houston Baptist University
Diploma in Petroleum Engineering, University of the West Indies

 

Nigel M. Baptiste, Group President and Chief Executive Officer
Nigel M. Baptiste has dedicated over 30 years to the banking sector, contributing to Republic Bank Limited’s growth and innovation. Appointed in 2016, Mr. Baptiste’s tenure as Group President and CEO is marked by his commitment to strengthening Republic’s leadership position in the Caribbean financial market. His extensive experience encompasses key roles, including Managing Director of Republic Bank Limited and Republic Bank (Guyana) Limited and serving as General Manager of Human Resources.

Mr. Baptiste’s strategic vision has positioned RFHL for sustainable growth and market responsiveness. He also champions operational excellence across multiple subsidiaries, aligning the group’s strategic initiatives with economic development goals across the Caribbean.

Education and Credentials
Bachelor of Science (Honours) in Economics, University of the West Indies
Master of Science in Economics, University of the West Indies
Advanced Management Program, Harvard Business School
Diploma with Distinction, ABA Stonier Graduate School of Banking
Associate of the Chartered Institute of Bankers

 

 

 

 

 

 

 

Republic Financial Holdings Is A Driving Force And Agency For Change

“The Republic Group has been competitive in the pursuit of service excellence and nation-building for more than 186 years.”

Working closely with many to help build successful people and sustainable societies, the Group strives to go beyond the boundary as the one true indigenous team that has stood the test of time in efficiently delivering service to our clients, stakeholders, and communities in the Caribbean, South America and Ghana.

In every field, every time we bat, we stride forward confidently with eyes fixed on hitting our goals. As we focus on unlocking the truest potential of our People, Planet, Progress and Communities, we are determined, compassionate and strategic in our approach in seizing
opportunities and facing challenges head on.

Unified in this purpose, the Republic Group continues to be a driving force and agency for change in the markets we serve, working together as one to bring our stakeholders and our people, leading-edge solutions to fulfil their needs and achieve their goals.

As a team, we will continue to cheer for, and empower, many in bringing out their best. As a Group, we will endeavour to create sustainability, promote equity, and nurture the talents of our people and communities wherever we channel our resources.

Republic Financial Holdings Limited (RFHL) recorded a profit attributable to equity holders of the parent of $1.75 billion for the year ended September 30, 2023, an increase of $224.0 million or 14.7 percent over the profit of $1.53 billion reported in the prior year.

These results are a combination of the returns from the Group’s advances and investment portfolios, and reduced credit loss expenses.

Based on these results, the Board of Directors declared a final dividend of $4.10 per share for the year ended September 30, 2023. When combined with the interim dividend of $1.10 per share, this brings the total dividend for the year to $5.20 per share, an increase of $0.70 or 15.6 percent over the amount declared for 2022. At a share price of $121.02 as at September 30, 2023, this results in a dividend yield of 4.3 percent on an RFHL share.

The Group earned net interest income of $4.7 billion for year ended September 30, 2023, an increase of $526 million or 12.7 percent above the prior year.

Average total assets increased by $1.9 billion or 1.7 percent in the fiscal, with the net interest margin increasing from 3.76 percent in 2022 to 4.17 percent in 2023.

• In Trinidad and Tobago (T&T), net interest income grew by $142 million, being the net impact of increases in interest income and interest expense of $210 million and $68 million respectively. The increase in interest income was generated primarily from the growth in the advances portfolio, coupled with higher interest rates on United States dollars (USD) denominated investments. The $68 million increase in interest expense stemmed from growth in the deposit portfolio and higher interest rates on the US$150 million floating rate debt.

* In Barbados, net interest income grew by $5 million, the net result of a $3 million increase in interest income and a $2 million decline in interest expense. The $5 million growth in interest income was the result of increased portfolios for advances and investment securities, while the decreased interest expense was due to a decline in the deposit portfolio of Republic Bank (Barbados) Limited.

• The Cayman Islands recorded increased net interest income of $247 million, the net effect of increases in interest income of $352 million and $105 million in interest expense. The increases were the result of increased yields on USD investment securities and customer deposits in the Cayman Islands market.

• The Eastern Caribbean (EC) recorded growth in net interest income by $74 million due to increases in interest income and interest expense by $83 million and $9 million respectively. This resulted from increased portfolio balances for advances and customer deposits in the EC islands, while interest rates remained fairly constant.

• In Suriname, the increase of $40 million was the net effect of an increase in interest income of $37 million and a $3 million decline in interest expense. The increase in interest income was due to growth in the advances and investment portfolios, while the decreased interest expense was a result of a reduction in deposit rates.

• In Ghana, the $40 million decrease in net interest income resulted from a decline in interest income of $5 million and increased interest expense of $35 million. This decline was mainly due to a reduction in average interest rates for advances and the depreciation in the Cedi exchange rate during the year. The increased interest expense resulted from increased interest rates in addition to an increased customer deposit portfolio.

• In the British Virgin Islands (BVI), the increase of $9 million in net interest income was due to increases in interest income and interest expense by $20 million and $11 million respectively. Increased yields on advances, investments and customer deposits accounted for the increased income and expense.

The increase in profitability in 2023 is reflected in the rise in most key ratios in 2023, with the Return on Average Assets (ROA) ratio increasing from 1.53 percent in 2022 to 1.73 percent in 2023, and the Return on Average Equity (ROE) ratio increasing from 12.73 percent in 2022 to 13.87 percent in 2023.

Earnings Per Share (EPS) also increased from $9.37 in 2022 to $10.69 in 2023, an increase of $1.32 per share. RFHL’s share price closed at $121.02 as at September 30, 2023, a decline of $18.99 over the past year, while the Price/Earnings (P/E) ratio decreased from 14.9 times in 2022 to 11.3 times in 2023.

Dividends
The Board of Directors declared a final dividend of $4.10 (2022: $3.45) per share, which brings the total dividend to $5.20 (2022: $4.50) per share for the fiscal year, an increase of 15.6 percent or $0.70 in total dividend payment over 2022. At a closing share price of $121.02, this dividend represents a dividend yield of 4.30 percent (2022: 3.21 percent).

The Group’s capital adequacy ratios across all countries and at the consolidated level remains quite robust. The final dividend was paid on December 1, 2023, to all shareholders of record on November 16, 2023.

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Sagicor Group Jamaica Announces Organisational Changes to Support Business Growth

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Willard Brown appointed CEO of Sagicor Life Jamaica; Joanna Banks assumes broader strategic leadership role.

Christopher Zacca, the President and Chief Executive Officer of Sagicor Group Jamaica Limited (“Sagicor” or “the Group”) today announced key leadership changes to strengthen the Group’s position for continued growth and expansion.

Willard Brown Chief Executive Officer (CEO) of Sagicor Life Jamaica Limited

Effective May 1, Willard Brown has been appointed Chief Executive Officer (CEO) of Sagicor Life Jamaica Limited (“Sagicor Life Jamaica” “SLJ”). As CEO of Sagicor Life Jamaica, Brown will lead the overall strategy and operations of SLJ, which gives him oversight of all divisions of the Life Business. This expanded portfolio will enable a more integrated approach to supporting client needs, driving operational efficiencies, and positioning the Business for new opportunities in other geographies. He most recently served as Chief Technology and Insurance Operations Officer where he led several successful initiatives to streamline Sagicor Life Jamaica’s operations, modernise the Group’s technology platforms and strengthen its digital capabilities. Over the course of his 34-year tenure with the Company, Brown has demonstrated exceptional leadership, strategic foresight, and a deep understanding of the evolving needs of clients and markets-including operations in Panama and Costa Rica. His appointment reflects Sagicor’s focus on empowering proven leaders to accelerate its growth ambitions.

Willard brings an outstanding track record of strategic execution and innovation, and Joanna’s deep industry expertise remains invaluable as we expand our businesses.” Brown expressed enthusiasm about the new role, stating: “I am excited for this opportunity to build on our strengths and lead the charge as we grow our Life Insurance Business. With a dedicated and talented team behind us, we are well-positioned to deliver even greater value to our clients and communities. Sagicor Life Jamaica remains focused on delivering sustainable growth under the leadership of Mr. Zacca and the Executive Management Team.”

 

In addition, Joanna Banks will transition into an expanded strategic leadership role within the Group as Executive Vice President, Strategy and Business Development, and Chief Technology Officer.

Joanna Banks Executive Vice President, Strategy and Business Development, and Chief Technology Officer.

In alignment with the organisational changes, Joanna Banks will continue to play a critical role in delivering strategic initiatives that enhance the Group’s service excellence and market reach. She now has an expanded portfolio that includes the company’s Technology and Digital Innovation functions. This integration reflects Sagicor’s commitment to accelerating digital transformation and enhancing operational agility across its businesses. Commenting on the changes, Zacca, stated: “These leadership transitions position us strongly for the future.

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General Accident Strengthens Regional Leadership for Strategic Growth

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General Accident Insurance Company Jamaica Limited has announced the appointment of Gregory St. Hugh Foster as Chief Executive Officer and Country Manager of its Jamaica operations. He succeeds longtime executive Sharon Donaldson, who now assumes the full-time role of Group Chief Executive Officer. The transition, effective immediately, is the result of a carefully executed succession plan that signals the company’s continued commitment to strong leadership, growth and long-term stability across the region. Foster has been an integral member of the executive team since 2014, serving most recently as Chief Operating Officer.

With over a decade of experience in the general insurance sector, he has led with distinction across core areas including finance, underwriting, claims, and operations. He is also the strategic lead for AutoSmart Insurance, GenAc’s motor insurance sub-brand. “Sharon and Gregory have demonstrated the leadership required to execute our strategy and position General Accident for continued success,” said PB Scott, Chairman of General Accident. “This transition reflects our deep confidence in their ability to guide the company into its next phase of growth.” Foster brings a deep understanding of the Jamaican insurance market, honed during his time as Chief Financial Officer before assuming the COO role in 2019. A Chartered Accountant and member of the Institute of Chartered Accountants of Jamaica, he previously worked at PricewaterhouseCoopers as an Audit Manager, overseeing audits in insurance, petroleum, and manufacturing sectors. “It is a privilege to take on the role of CEO and Country Manager at such an important juncture in General Accident’s growth story,” Foster said. “Together with our exceptional team, I am focused on expanding our market presence, enhancing service delivery, and creating long-term value for our stakeholders.”

Sharon Donaldson, who has led General Accident for over two decades, has been central to the company’s regional expansion, delivering strong financial performance, strengthening underwriting capacity, and embedding sound corporate governance practices. As Group CEO, Donaldson will now oversee the strategic direction of General Accident’s operations in Jamaica, Trinidad & Tobago, and Barbados. “I look forward to collaborating with Gregory and our regional teams as we continue to scale our operations and deliver innovative solutions to our customers across the Caribbean,” said Donaldson With this leadership evolution, General Accident reinforces its commitment to delivering sustainable growth and high-quality service while expanding its influence as a trusted insurer throughout the Caribbean.

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Corporate Movements May 2025

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Unilever Caribbean Limited [UCL] is pleased to announce the appointment of Ms. Ginelle Lambie as the Managing Director effective May 14, 2025. Ms. Lambie joined UCL in April 2023 in the role of National Finance Manager. On January 1, 2024 she was appointed as an Executive Director and the Acting Managing Director. Ginelle holds a Bachelor in Business Administration, a Master of Science in Accountancy and is a Certified Public Accountant. She brings over 20 years of experience in FMCG, Manufacturing, Telecom, Media & Entertainment and Banking in the United States and Trinidad. She has over 11 years’ experience in Business Analysis and Financial Reporting in FMCG companies.

Unilever Caribbean Limited [UCL] is pleased to announce the appointment of Mr. Amit Rampersad as the National Finance Manager effective May 14, 2025. Mr. Rampersad has been with Unilever for over 11 years and was appointed the Acting National Finance Manager on January 1, 2024. Mr. Rampersad is a Fellow of the Association of Chartered Certified Accountants [FCCA] and a member of the Institute of Chartered Accountants of Trinidad and Tobago [ICATT]. He has over 17 years of Financial Accounting experience, having worked in various sectors, including Media, Manufacturing, and the Public Sector.

The Board of Directors of VM Investments Limited (VMIL) is pleased to announce the appointments of Mrs Maria Evelyn-Robinson and Mr Frederick Williams as Directors of VMIL. • Mrs Maria Evelyn-Robinson was appointed effective February 12, 2025. • Mr Frederick Williams was appointed effective March 24, 2025. The Board welcomes Mrs Evelyn-Robinson and Mr Williams and is confident that their expertise, leadership, and professional experience will be valuable assets to VMIL as the organisation continues to execute its strategic objectives and strengthen its governance framework.

Everything Fresh Limited wishes to advise that Mr. Errol Grant has been appointed the Group Chief Financial Officer for the company effective May 12, 2025.

Guardian Holdings Limited (“GHL”) advises that at the Company’s Annual General Meeting held on 12th May, 2025, Ms. Colette Delaney was elected a director of the Company. Ms. Delaney brings over 40 years of distinguished leadership experience across the United Kingdom, the United States, Canada and the Caribbean in retail, commercial, and corporate banking as well as insurance, which will play a pivotal role in advancing the Company’s strategic goals.

Scotia Group Jamaica Limited (SGJ) advise of the appointment of Dayne Bucknor as Director, Client Experience and Advocacy, Scotia Group Jamaica Limited, effective May 1, 2025. Mr. Bucknor has over 17 years’ experience in the banking Industry and is adept at leading outstanding and diverse teams. He joined Scotiabank in 2006 and his most recent position was Director, Strategic and Business Analytics, Caribbean North & Central. In that role he provided strategic direction and support on several initiatives across the region. As Director, Client Experience and Advocacy for Scotia Group Jamaica, Mr. Bucknor will have responsibility for the development and implementation of comprehensive client-focused strategies to achieve and maintain industry leadership in client experience in the Caribbean North and Central region. Mr. Bucknor is a St. George’s College alumnus and holds a Bachelor of Science degree in Electrical Engineering and a Masters in International Business from Florida International University.

Barita Investments Limited (“Barita) has advised of the following Senior Management changes:

Miss Fayola Wray has been appointed to the position of Vice President, Finance, effective April 14, 2025.
Mrs. Sara Ying Henriques has been promoted to the position of Senior Vice President, Operations, effective May 1, 2024. Mrs. Ying Henriques previously held the post of Vice President, Operations.
Mr. Richardo Williams has been promoted to the position of Vice President, Asset Management & Research, effective April 1, 2024. Mr. Williams previously held the post of Head of Financial Risk.
Mrs. Anmarie Walker-Cato has been promoted to the position of Senior Vice President, Finance, effective February 1, 2024. Mrs. Walker-Cato previously held the post of Vice President, Finance.

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Finance Minister Highlights Middle Managers’ Key Role in Jamaica’s Economic Growth

“As Minister, I see every day how important strong leadership is to sustaining the progress we’ve made in stabilising our economy, attracting investment and opening new opportunities for our people,” Mrs. Williams said.

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Minister of Finance and the Public Service, Hon. Fayval Williams, has underscored the pivotal role middle managers play in driving Jamaica’s economic progress.

“As Minister, I see every day how important strong leadership is to sustaining the progress we’ve made in stabilising our economy, attracting investment and opening new opportunities for our people,” Mrs. Williams said.

She declared that middle managers are “the energy that gets things done” as they move their companies along, exhibiting true leadership that shapes the transformation of teams and influences the drive towards national development.

“[True leadership] is the consistent demonstration of values, authenticity and strategic focus that leaves behind a real legacy… one not written in résumés but in lives changed, organisations built, and futures secured. I know that you know that titles may grant authority, but only influence grounded in service, discipline and integrity builds the trust that moves countries like Jamaica ahead,” Mrs. Williams said.

Minister of Finance and the Public Service, Hon. Fayval Williams (second left), converses with (from left) Director, Montego Bay Chamber of Commerce and Industry, Donovan Chen-See; Managing Director, Make Your Mark Consultants (MYMC), Dr. Jacqueline Coke-Lloyd; and Bishop Dwight Fletcher, during the MYMC two-day Middle Managers’ Leadership Conference at The Jamaica Pegasus hotel on Tuesday (April 29). Mrs. Williams delivered opening remarks.

She was addressing stakeholders on day one of the Make Your Mark Consultants (MYMC) two-day Middle Managers’ Leadership Conference at The Jamaica Pegasus hotel in New Kingston on Tuesday (April 29).

Mrs. Williams noted that strategic and decisive leadership is especially critical in navigating current global uncertainties.

“In today’s increasingly dynamic global trade environment, Jamaica’s agility or ability to move swiftly, decisively and strategically is essential for national success; and at the execution level, it is you, it is our middle managers who drive that success.

You’re the ones ensuring that vision becomes reality, solving problems, coaching teams, delivering results and adapting to change with confidence and clarity,” she contended.

The Minister further pointed out, “In a Jamaica that is growing steadily stronger with sound leadership, prudent economic management, historic low unemployment rates, a transparent inflation-targeting regime, real investments in education, infrastructure, and innovation, it is clear that, as a country, we are on the right path.”

Meanwhile, Mrs. Williams lauded MYMC for organising what she described as the premier management conference in Jamaica, noting that the event is critical as Jamaica navigates an increasingly complex global economy.

She noted that this year’s conference theme – ‘A Legacy of Change, Transformation and Execution’ – is apt for the occasion.

“It reminds us that leadership is not about titles, offices, or positions. It’s about action [and] the courage to move when others hesitate. It’s about vision… the ability to see beyond today’s challenges and into tomorrow’s possibilities. Most importantly, it’s about influence – the ability to inspire people to believe in a cause greater than themselves, to push past limits to build institutions that will stand the test of time,” the Minister emphasised.

Mrs. Williams encouraged the participating middle managers to take advantage of the conference by actively engaging in the discussions, learning from the experts, sharpening their skills and strengthening their networks so they can be better and stronger leaders, driving Jamaica’s continued growth and transformation.

By: Donique Weston, JIS

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BOJ Anticipates Minimal Price Disruptions from US Tariffs

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The Bank of Jamaica (BOJ) Monetary Policy Committee (MPC) projects that the initial impact of rising US tariffs on prices in Jamaica will be minimal.

“In assessing the near-term outlook, the Monetary Policy Committee contemplated the implications for the Jamaican economy of the policies that have been implemented by the US administration, to date, and in so doing looked at several scenarios. From this exercise, the Bank’s view is that the first-round impact of the increase in US tariffs on prices in Jamaica will not be significant,” BOJ Governor, Richard Byles, said.

He was addressing the Quarterly Monetary Policy Report press conference at the Jamaica Conference Centre in downtown Kingston on Wednesday (May 21).

The Governor noted that, in the US, these policies are likely to cause a temporary rise in inflation.

“We expect that the US Federal Reserve (the Fed) will respond appropriately, and we also anticipate a slowing of the pace of US economic growth. We note that the Fed maintained its interest rate target in the range of 4.25 to 4.50 per cent in the May 2025 meeting and is likely to continue to maintain rates for an extended period of time in 2025,” he said.

Mr. Byles pointed out, however, that while some consumer prices in Jamaica may rise due to higher inflation in the US, the impact of imported inflation on overall domestic price level increases will be largely offset by declining global oil prices.

“Given the available information, the Bank, therefore projects, a moderate impact of the US policy changes on prices in Jamaica. In this context, the outlook is for inflation to remain within the Bank’s target range of four to six per cent over the next two years, notwithstanding some upside risk. This outlook assumes stable inflation expectations, a moderate decline in crude oil prices, continued stability in the exchange rate and moderate domestic demand,” the Governor added.

Mr. Byles pointed out that the risks to the inflation forecast are, however, skewed to the upside, which means the out-turn could be higher than projected.

“Higher inflation could stem from a sharper-than-anticipated increase in the tariff faced by trading partners of the US. In addition, domestic inflation could be higher than projected if there is a further escalation in geopolitical tensions, which could negatively impact international supply chains. Lower inflation could, however, result from lower-than-projected international commodity prices as well as weaker demand conditions,” he explained.

Consequently, the Governor said the MPC will continue to closely monitor domestic inflation expectations and any upward pressure on prices resulting from the evolving tariff landscape.

Mr. Byles added that the Bank is prepared to adjust its monetary policy stance if its outlook does not materialise and inflation deviates upwards from the Bank’s target range.

“Importantly, the Bank is well positioned to support stability in the foreign exchange market, should the effects of the policy changes abroad affect foreign exchange flows by more than currently anticipated,” he stated.

The Governor said the BOJ remains committed to achieving its primary mandate of maintaining inflation at four to six per cent and will deploy the tools necessary to preserve price and foreign exchange market stability.

Meanwhile, Mr. Byles said US policy changes may have some impact on Jamaica’s gross domestic product (GDP) growth and the external accounts, to the extent that tourism and goods exports as well as remittances are affected.

“Some of Jamaica’s exports will be exempt from the baseline tariff imposed on Jamaica by the US, and this may augur well for growth in those industries. The economy is, therefore, projected to grow moderately over the near term.

“Against this background, and factoring domestic demand conditions, for fiscal year 2025/26, real GDP is projected to recover in the range of one to three per cent, largely reflecting normalisation in the mining, tourism and construction sectors. In this context, employment levels are projected to remain high, even as anecdotal data suggest that wage pressures are moderating,” he said.

Meanwhile, the Governor indicated that Jamaica’s current account balance is expected to remain in surplus in the near term, with international reserves projected to remain healthy.

“The Bank projects that gross reserves will improve further over the medium- term, remaining above the Assessing Reserve Adequacy (ARA) 100 per cent,” he said.

Mr. Byles pointed out that “the external environment carries much uncertainty, but the domestic macroeconomic outlook remains stable in the Bank’s view”.

By: Chris Patterson, JIS

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