Business News of 2014-02-08

Republic Bank Group makes profit

The Republic Bank Group, a US holding company with investments in HFC Bank Ghana, has announced a profit attributable to shareholders of US$ 45.6million for the three-month period ended December 31, 2013.
This represents an increase of 2.2% over the corresponding period last year. The Group’s total assets stood at US$ 9.1billion at December 31, 2013, an increase of 6.7% from December, 2012 and 0.5% over the year ended September, 2013.
Announcing the Group’s results in a statement issued through StratComm Africa, Republic Bank Chairman Ronald F .deC. Harford, stated: “We are encouraged by the growth and stability of our loan portfolio which was reflected in a year on year increase of 7.3% and a reduction in loan impairment expense of over US$ 2.3million from the corresponding period in 2012. The results of this quarter also include a contribution of US$ 1.6million from our 40% investment in HFC Bank Ghana Limited.”
Mr. Harford said that the Bank expected this good performance to continue for the remainder of the year, as focus continues to be placed on maintaining a high quality loan portfolio, cost containment and growth in non-interest income.
He noted however that the Group continued to be challenged by high liquidity which was leading to declining margins, and indicated that investments in Barbados and the Eastern Caribbean will continue to be closely monitored, once difficult economic conditions persist in those territories.