Republic Financial Holdings Limited has recorded a $1.308 billion profit for the financial year ended September 30th, which represents a 44.5% improvement when compared to 2020.

It is still below pre pandemic profits, however, as the figure is a 17.3% decline from profits earned in 2019.

In announcing the results Mr. Pereira said, “In 2021, Republic Financial Holdings Limited (RFHL) and its subsidiaries (the Group) continued to support our clients across all the territories in which we operate. The Group assisted clients through deferral of loan payments, reduced interest rates and discounted fees. We participated in various national initiatives to promote higher vaccination rates and to help those adversely impacted by the Coronavirus. The financial impact of this was reduced revenues and increased costs across the Group. Our overall performance was bolstered to some extent by the full year’s contribution of our new subsidiary in the British Virgin Islands, notable improvements in Ghana and the Cayman Islands and lower levels of provisioning.”

He went on to say, “During this fiscal, the Group has also made meaningful steps toward our sustainability initiative through alignment with the United Nations Sustainable Development Goals. In April 2021, we joined a group of the leading global commercial banks as founding signatories to the United Nations-convened, Net-Zero Banking Alliance. In June 2021, we announced our TT$1.3 billion Climate Finance Goal to finance activities that reduce the impact of climate change and create environmental solutions in collaboration with our clients.”