As a result of the economic impact of COVID-19, Republic Financial Holdings Limited and its subsidiaries recorded a profit attributable to shareholders of US$81.7 M for the six month period ended March 31, 2020. But this sum represents a decline of US$36.1M in profits or 30.6 percent when compared with the corresponding period last year.
According to the bank’s President, Nigel M. Baptiste, the results of the institution’s balance sheets reflect the preliminary estimates of the increased operating expenses during the latter half of March 2020 due to the COVID-19 pandemic, along with the setting aside of additional provisions of US$55.3M for the first half of 2020 to cover potential losses.
Baptiste noted in the Group’s unaudited financial highlights that total assets stood at US$14.8B at March 31, 2020, which represents an increase of US$2.3B or 17.9 percent over the total assets at March 31, 2019. This increase was attributed to the acquisition of Scotia Bank’s operations in St. Maarten and the Eastern Caribbean with the exception of Antigua and Barbuda. The Group’s President noted that the acquisition of Scotia Bank’s operations in British Virgin Islands is ongoing and that it is presently engaged with the regulator in that territory for the requisite approval.
The Guyana Standard would have reported last month that members of the Republic Bank Group have already taken a number of steps to safeguard the wellbeing of their customers and staff, while ensuring the provision of essential banking services. The Republic Bank Group has also reached out to its other members to provide cash flow relief to those affected by the disruption brought by the COVID-19 pandemic.
