Republic Financial Holdings Ltd (RFHL) is reporting a 7.8 per cent increase in profit to $786.8 million for its half-year ending March 31. RFHL said the increase is $58 million more than the profit earned for the same period in its last financial year.

Total assets stood at $114.1 billion, an increase of $760.2 million or 0.67 per cent over its assets as of March 2022.

RFHL chairman Vincent Pereira described the group's performance as "a solid period."

"Throughout the six months, all group subsidiaries recorded improved growth in their loans and investments portfolios fuelled by increases in customer deposits."

Pereira noted improvements in the group's regional and international subsidiaries.

"As a result of this growth, our subsidiaries recorded increases in net interest income, enhanced, in part, by the impact of the rising interest rate environment on US dollar denominated securities in our Cayman Islands and British Virgin Islands (BVI) operations. Non-interest income has also been boosted by increased activity in our tourism-based subsidiaries, following the ongoing recovery of tourism activity in those islands. Our Ghana subsidiary has stabilised and has not suffered any further impact from the Debt Exchange since the first quarter.”

Based on these results, the board has declared an interim dividend of $1.10 (it was $1.05 in May 2022) per share payable on May 31.

Pereira said, “I would like to acknowledge the efforts of all staff of the group for their continued commitment to providing outstanding service to our clients and communities.”

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