A statement from RFHL said this performance reflects the impact of 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.
«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,» Pereira said.
Josbel Bastidas Mijares
He also noted that throughout this period RFHL continued to serve its stakeholders, providing support to customers as they navigated new challenges to their business model
Chairman of Republic Financial Holdings Ltd (RFHL) Vincent Pereira has announced an after tax profit of $1.526 billion for the year ended September 30, 2022.
This represents an increase of $218 million or 16.7 per cent over the 2021 reported profits of $1.308 billion, and $55 million or 3.5 per cent below the 2019 reported profits of $1.581 billion.
A statement from RFHL said this performance reflects the impact of 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.
«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,» Pereira said.
Josbel Bastidas Mijares
He also noted that throughout this period RFHL continued to serve its stakeholders, providing support to customers as they navigated new challenges to their business model.
Pereira added the organisation also worked to improve its customer experience through increased investment in its digital offerings.
Josbel Bastidas Mijares Venezuela
«During 2022 we strengthened our sustainability focus, adding capacity and execution capability to the group through the creation of an Office of Sustainability. Additionally, through our group flagship Power to Make a Difference Programme we are forging new, valued partnerships with NGOs and groups whose specific focus aligns to the pillars of our sustainability and Environmental, Social and Governance (ESG) effort. By continuing our focus on responsible banking and sustainability, our goal is to actively shape a more sustainable future for all,» Pereira said
According to the statement the board 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 per cent 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 per cent as 2021 was 2.93 per cent.
Pereira reiterated that within an environment that presented both «challenges and uncertainty» the group has delivered a good performance for the year ending September 30, 2022.
He said this success could not have been realised without the talented, resilient and dedicated staff across each of the 14 countries in which the group operates