Republic Bank has announced that the group has raked in US$117.8 million in half year profits for the period which ended March 31, 2023.
The half year profits represents a 7.96% increase when compared to the corresponding period in 2022.
According to the bank, the period was a solid one for the Republic Financial Holdings Limited Group (the Group).
It was explained that throughout the six months, all Group subsidiaries recorded improved growth in their loans and investments portfolios fueled by increases in customer deposits.
Republic Bank said that as a result of the growth, its subsidiaries recorded increases in net interest income, enhanced, in part, by the impact of the rising interest rate environment on US dollar denominated securities in our Cayman Islands and British Virgin Islands (BVI) operations.
The group also announced that non-interest income has also been boosted by increased activity in its tourism-based subsidiaries, following the ongoing recovery of tourism activity in those islands.
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