Republic Financial Holdings Limited (RFHL), Chairman Vincent Pereira discloses that the Group earned US$75 Million Profit for the quarter ending December 31, 2023
Chairman of Republic Financial Holdings Limited (RFHL), Vincent Pereira disclosed that the Group reported a profit attributable to its equity holders amounting to US$75 million for the three-month period ending December 31, 2023. Excluding one-off losses reported in the previous period, core profits after tax and non-controlling interest witnessed a notable increase of US$5 million or 6.9 percent.
Simultaneously, reported profits surged by US$15 million or 26 percent compared to the US$60 million reported in the corresponding period of the previous financial year. The total assets of the Group reached US$17.2 billion as of December 31, 2023, reflecting a growth of US$246 million or 1.46 percent over the total assets at the end of December 2022. This upward trajectory was primarily fueled by expansions in the loans and investments portfolios across all subsidiaries.
Mr. Pereira, in his announcement of the results, highlighted the impact of robust growth in loans and investments, coupled with a consistently strong interest rate environment for the Group's US$-denominated subsidiaries. Despite prevailing economic challenges in certain environments, all subsidiaries demonstrated robust performances, underscoring the value of the Group's international diversification strategy and the resilience of its operations.
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