|
|
|
|
|
|
|
Businessuite 2021 Top Trinidad and Tobago Company – US$ Profit after Tax |
|
|
NR |
NR |
NR |
NR |
NR |
NR |
|
|
US$000 |
US$000 |
2021 |
2020 |
2019 |
2018 |
2017 |
2016 |
|
Company |
2021/2020 |
2020/2019 |
1 |
1 |
1 |
1 |
1 |
1 |
TT |
Republic Financial Holdings Limited |
$149,710 |
$256,068 |
Republic Financial Holdings Limited (RFHL) recorded profit attributable to equity holders of the Parent of $904 million for the year ended September 30, 2020, a decline of $677.1 million or 42.8% below the profit of $1.58 billion reported in the prior year. These results reflect the financial impact of the Novel Coronavirus (COVID-19) pandemic on the Group, mainly resulting from decreased economic activity, narrower margins due to reduced lending interest rates, waiver of fees and commissions and the setting aside of additional credit provisions to cover potential future losses.
The Group progressed with its strategy of acquisition and geographic diversification of income sources, with the acquisition of the Scotiabank’s banking operations in St. Maarten and the Eastern Caribbean
Two significant one-off items, the net impact of which was an increase of $83.5 million, were included in the profits of the prior year. Excluding the impact of these items, the Group’s profit attributable to equity holders of the Parent declined by $593.6 million or 39.6%.
Based on these results, the Board of Directors has declared a final dividend of $2.10 per share for the year ended September 30, 2020. When combined with the interim dividend of $0.60 per share, this brings the total dividend
for the year to $2.70 per share, a decrease of $1.80 compared to the amount declared for 2019. At a share price of $142.00 as at September 30, 2020, this results in a dividend yield of 1.90% on an RFHL share.
On November 1, 2019, through the newly-formed Republic Bank (EC) Limited (RBEC), the Group acquired Scotiabank’s banking operations in St. Maarten and the Eastern Caribbean (Anguilla, Dominica, St. Kitts and Nevis, Saint Lucia, and St. Vincent and the Grenadines) while the Group’s subsidiary Republic Bank (Grenada) Limited acquired Scotiabank’s banking operations in Grenada. Scotiabank’s operations in the British Virgin Islands (BVI) were acquired on June 1, 2020.
Throughout this analysis, the impact of these acquisitions was excluded as needed to allow for proper comparability to the previous financial year.
The Group earned Net interest income of $4.0 billion for the year ended September 30, 2020, an increase of $181 million or 4.7% over the prior year. Excluding the operations of RBEC and BVI, which were not subsidiaries for 2019, there was a decline of $117.8 million or 3.1%.
Extracted from the President’s Discussion and Analysis
Nigel M. Baptiste President and Chief Executive Officer Republic Financial Holdings Limited
Managing Director Republic Bank Limited
More information https://republictt.com/pdfs/annual-reports/RFHL-AR-2020.pdf