The Chairman of Republic Financial Holdings Limited (RFHL), Vincent Pereira, has announced a profit attributable to equity holders of $1.526 billion for the year ended September 30, 2022.

He also disclosed that the profit represents an increase of $218 million or 16.7% over the 2021 reported profits of $1.308 billion, and $55 million or 3.5% below the 2019 reported profits of $1.581 billion. The performance is being attributed to the Group’s expansion, revenue diversification and cost management strategies, the uptick in economic activity as well as the increase in yields in the US dollar-denominated financial instruments held across the Group.

The announcement was made today, November 7.

According to the Chairman:

“Over the past financial year, the countries in which RFHL operates continued to relax their COVID-19 protocols. Borders and schools were re-opened, restrictions on gatherings and public mask mandates were removed and almost all commercial activities resumed. The resulting resurgence of economic activity, especially in the tourism-dependent economies, augured well for the Group.”

According to a statement from the RFHL, the Board of Directors has declared a final dividend of $3.45 (2021: $3.00) per share, which brings the total dividend to $735.8 million or $4.50 (2021: $4.00) per share for the fiscal year, an increase of 12.5% in total dividend payment over 2021, and in line with the 2019 dividend payment.

At a closing share price of $140.01, this dividend represents a dividend yield of 3.21% (2021: 2.93%). The final dividend will be paid on December 1, 2022, to all shareholders of record on November 17, 2022.