'Republic' records TT$272-million profit

Friday, February 10, 2012

TRINIDAD & Tobago's Republic Bank Group has recorded increased profits for the first quarter of its financial year.

For the first quarter ended December 31, 2011, the bank said it posted a profit attributable to shareholders of TT$272 million.

"This represents an increase of 2.6 per cent over the corresponding period last year," the bank said in a statement yesterday.

The group's assets are now $49.2 billion, which, when compared to that of December 2010, reflects growth of 8.3 per cent, the statement added.

Chairman Ronald Harford, in announcing the results, stated: "The market continues to be characterised by increased liquidity and narrowing interest margins. In this environment, we continue to focus on asset quality, productivity and risk management."

He added: "The IMF, Standard and Poor's and the Central Bank of Trinidad and Tobago, all predict GDP growth in 2012, based on the energy sector prospects and the public sector investment programme. We share this optimism."