<<Print>>

Republic Bank Limited, the Caribbean-based bank which owns a 40% stake in HFC Bank Ghana, has recorded profit attributable to equity holders of US$184 Million for the year ended September 30, 2013. This is an increase of US$1.7 Million or 1.0%, when compared with the corresponding period in 2012. In announcing the results, Republic Bank�s Chairman, Mr. Ronald F. deC. Harford said that he was particularly encouraged by the increase in loans and advances of US$300 Million or 8.2% following an increase of 6.6% in 2012. Harford stressed that he remained optimistic that this growth would continue in 2014. Total assets stood at US$9.1 Million at September 30, 2013, an increase of US$1.0 Billion or 11.6% over the prior period. The Board of Directors declared a final dividend of US$0.47 (2012:$0.47) payable to shareholders on December 02, 2013. This will bring the total dividend for the fiscal year to US$0.67, in line with 2012. Harford also noted that difficult economic conditions persisted in the tourism-dependent countries, with profitability in Barbados declining by US$3.7 million or 29.6% and losses being recorded in the Eastern Caribbean. The Group recorded a loss of US$11.9 million on its investment in Eastern Caribbean Financial Holdings Limited, the parent company of the Bank of Saint Lucia, while impairment expenses of US$8.3 million were booked as a result of the Government of Grenada defaulting on its indebtedness. This default contributed to the Bank�s subsidiary in Grenada recording a loss of US$2.9 million (Republic Bank�s share US$1.5 million). Improved performance in Trinidad and Tobago and Guyana offset this decline, leading to a marginal increase in the Group�s overall profitability. Harford added that, �the commodity-exporting economies of Trinidad and Tobago and Guyana are expected to drive our performance in the coming year, while tourism-dependent economies of Barbados and the Eastern Caribbean are expected to face ongoing challenges with little or no growth.� He expressed his confidence that the Group�s current level of profitability will remain robust.