Trinidad based bank records profit of TT$1.036 billion in COVID-19 pandemic

Profit of TT$1.036 billion has been reported by Trinidad based Republic Financial Holdings. This profit has been noted from the nine-month period that had been ended on June 30, 2021. While the harsh times of the COVID-19 pandemic, the profit has been recorded.

The officials of the RHFL said that the operations in several Caribbean islands and in Ghana have been very challenging during the covid-19 pandemic. They thanks their shareholders due to who the operations in other territories were working effectively in such condition of the pandemic.

RHFL chairman Vincent Pereira said that against the backdrop, RFHL recorded profit attributable to its stakeholders of TT$1.036 billion for the time period of nine months that had ended on June 30, 2021. The hike shows an increase of TT261.6 million or 33.8 percent over the TT$774.3 million that was reported in a similar period of the last financial year.

Chairman added that the improved results highlight the impact of the group’s acquisition of the British Virgin Islands operations during June 2020, lower cases of loan losses and have generally been improving in operating profitability in areas of Ghana and Cayman National Corporation. These positive developments were possible due to partially balancing by reducing net interest margins, fees, and commission income across the group.

Chairman, while telling that they have been still in an excellent position to continue with their supporting nature to support the recovery efforts of the economies in which they have been operating and have also commented to support further in the vaccination drives. He also noted that due to the challenges posed by the COVID-19 pandemic, the economies had been affected severely in which the RHFL deals. Vaccination programs commenced in many countries, but re-openings and recovery of tourist arrivals remained progressive and at times interrupted by rising covid19 cases. The group continues to support its customers, communities, and staff through concessions on loan payments, interest rates and fees, increased business support, donations of medical and educational supplies, and a staff vaccination program rollout.