Republic Financial Holdings Limited (RFHL) disclosed today that it recorded a US$171.5M profit for the nine months ended June 30, 2022. This is an increase of US$16.4M or 10.6 percent over the US$155.1M reported in the corresponding period of the last financial year. According to its Chairman, Vincent Pereira, the company’s performance for this 2022 period reflects modest improvement over its pre-COVID19 third quarter performance by US$0.94M or 0.6 percent.
Pereira further noted that total assets for the financial institution stood at US$16.9B at June 30, 2022, an increase of US$0.7B or 4.3 percent over total assets at June 2021. The Chairman said this increase was funded by growth in customer deposits across subsidiaries in the Cayman Islands, Eastern Caribbean, Guyana and Barbados.
The Chairman also shared in his report that the group benefitted from rising interest rates on the US dollar denominated securities in some of its operations. He noted however that these positive impacts were somewhat dampened by continued supply chain disruptions and inflationary pressures resulting from the Russia/ Ukraine war.
Amid continued economic uncertainty, Guyana Standard understands that the group remains focused on cost management, improving the experiences of its clients and staff and on increased investment in its digital offerings.