An uptick in economic activity and other favourable factors bolstered Republic Financial Holdings Limited’s (RFHL) performance, helping them record a solid $1.526 billion in profits for the year ended September 30, 2022.
RFHL Chairman Vincent Pereira announced the profits, attributable to equity holders, in a statement on Monday.
The figure 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.
The performance reflects the impact of the Group’s expansion, revenue diversification and cost management strategies, alongside the uptick in economic activity and the increase in yields in USD denominated financial instruments held across RFHL.
In announcing the results, Pereira noted the continued relaxation of COVID-19 protocols in countries in which RFHL operates.
He said: “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.
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.”
Pereira also attributed the performance to efforts in strengthening the sustainability focus, adding capacity and execution capability to the Group through the creation of an Office of Sustainability.
He continued: “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 Board of Directors 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 (2021: 2.93 per cent). The final dividend will be paid on December 1, 2022, to all shareholders of record on November 17, 2022.
The RFHL Chairman lauded the performance for the year ending September 30, 2022 despite being a challenging and uncertain environment.
Finally, he thanked the dedication of staff across RFHL’s 14 markets for delivering the positive results.
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