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Republic Bank to pay $200 million dividends
The Republic Bank Group will pay $200 million in dividends to its shareholders later this month after the bank declared an after-tax profit of $550 million for the first six months of its financial year. In a statement on Thursday, the bank said that its board had declared a half-year dividend of $1.25 per share (2011:$1.25) to be paid on May 29, 2012.
Republic Bank has 160 million shares outstanding. Republic’s net profit attributable to shareholders of TT$550.1million for the financial half-year ended March 31, 2012 represented a 4.7 per cent improvement over the comparable period last year. In announcing the Group’s half-year results Republic Bank’s Chairman, Mr Ronald F de C Harford said, “Republic Bank’s total assets exceeded the $50 billion mark, reflecting a creditable growth of 7.4 per cent for the six months ended March 31 2012.
“These hallmark achievements are noteworthy especially as we celebrate our 175th anniversary on May 15th this year.” He added, “No other financial institution has had such an illustrious history in Trinidad and Tobago and we are proud of this achievement, as it reflects the Bank’s enduring strength and prudent management over the long term.
Mr Harford said that the prevailing economic conditions across our major markets were mainly characterised by soft int erest rates and tightening margins. “We therefore continue to focus on cost containment and treasury management, strategies which continue to serve us well.
A notable 5.4 per cent growth in our advances portfolio has helped to negate the impact of the market challenges.” The Bank remains confident that this performance will be sustained for the fiscal year.
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