Republic Bank has announced a US$228.4 million after tax profit for the year ending September 30, 2022, representing an increase of US$32.6 million or 16.7% over the 2021 reported profits.
In a statement, the bank noted that the performance reflects the impact of the Group’s expansion, revenue diversification and cost management strategies.
The Bank also said that the uptick in economic activity as well as the increase in yields in the US dollar dominated the financial year for Republic Bank.
Chairman of Republic Bank Financial Holdings Vincent Pereira, said the bank’s increased profits can be attributed to increase economic activities and relaxation of COVID-19 measures in territories where Republic Bank operates.
“The resulting resurgence of economic activity, especially in the tourism dependent economies, augured well for the Group. Throughout this period RFHL continued to serve its stakeholders, providing support to our customers as they navigated new challenges to their business model. We also worked to improve the customer experience through increased investment in our digital offerings.” The Chairman was quoted as saying.
The Chairman said while the group was faced with both challenges and uncertainty, it was able to deliver a good performance.
“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,” the Chairman noted.
Republic Bank operates in 14 territories and has been steadily expanding its services in Guyana.
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