Chairman of Republic Financial Holdings Ltd (RFHL), Vincent Pereira announced yesterday that the group recorded a profit attributable to equity holders of $547 million for the three-month period ended December 31, 2024, an increase of $44 million or 8.8 per cent year-on-year.
In a statement, RFHL said the regional banking group's improved profitability was driven by solid growth across its core banking operations and prudent management of costs.
RFHL's total assets stood at $123.6 billion at December 31, 2024, an increase of $8.4 billion or 7.3 per cent over the total assets at December 2023.
This increase was mainly fuelled by growth in the loan portfolios across all subsidiaries.
In announcing the results, Pereira said, “The group has delivered a strong performance that demonstrates our resilience and adaptability despite ongoing challenges in the global, regional, and local markets, and this growth reflects our commitment to supporting individuals, businesses, and communities in their financial endeavours.”
He added that based on the results, the board of directors has declared the first quarterly interim dividend for the quarter of $0.55 per share, payable on February 28, 2025, to all shareholders on record at February 19, 2025.
"Despite the challenges posed by inflationary pressures, geopolitical tensions, and fluctuating interest rates, the group remains committed to delivering long-term value to our shareholder,s while maintaining a sound risk-management framework. Our diversified business model, with its focus on innovation and digitisation, customer service, and financial strength, has allowed us to perform well, even in uncertain times,” Pereira said.
He also expressed his gratitude to employees, customers, and shareholders for what he said was their unwavering support and trust in the group.
"Together, we will continue to build on this strong foundation and look ahead to a bright future,” Pereira added.
