RFHL records US$59.1 Million in first quarter profits

The Chairman of Republic Financial Holdings Limited (RFHL), Vincent Pereira, announced today profit attributable to equity holders of the parent of US$59.1 million for the quarter ended December 31, 2021, an increase of US$0.7 million or 1.2% over the corresponding period last year. Total assets stood at US$16.7 billion at December 31, 2021, an increase of US$1.1 billion or 6.9% over the total assets at December 2020.

In announcing the results Mr. Pereira said, “The first quarter of the Group’s 2022 financial year, was marked by an upsurge in Covid-19 infections in many territories in which we serve following the emergence of the Omicron variant. The resulting increased uncertainty and reduced productivity due to staff absences and self-imposed lockdowns, coupled with the impact of global supply chain disruptions, dampened expectations for a robust recovery of economic activity during the quarter. In light of these ongoing challenges, the Group redoubled its efforts to work closely with its clients to mitigate the longer-term adverse effects of the pandemic, including the extension of moratoriums on loans for affected customers.”

He went on to say, “Despite ongoing concerns over the duration and long-term impact of the COVID 19 pandemic, we remain steadfast in supporting our clients, stakeholders and our communities, in continuing to provide a safe working environment for our staff, and in building the Group’s resilience through strategic investments in innovation and initiatives to improve efficiency. We do remain optimistic for the future.”

Mr. Pereira concluded, “I would like to thank our customers, staff and other stakeholders for their continued support.”