Republic Financial records $946M profit

Chairman Ronald F.deC. Harford, said that the group’s profit would have been up at $1.18 billion, 0.7 percent better than last year’s, if it were not for three oneoff items totalling $236.9 million. Harford identified the three items that adversely affected the Group’s 2016 performance as a goodwill impairment of $107.3 million recognised on the investment in HFC Bank (Ghana) Limited (HFC); a loss of $117.8 million recorded by HFC, of which RFHL’s 57.11 percent share is $67.8 million and a $61.8 million write-down in RFHL’s 19.3 percent stake in East Caribbean Financial Holdings Limited.

As a result, the Board of Directors have declared a final dividend of $3.10 for the year ended September 30, 2016, bringing the total year’s dividend to $4.35; the same as that paid in the prior year. The statement said the final dividend will be paid on December 01, 2016, to all shareholders on record as at November 14, 2016.