$609M after-tax profit for Republic Bank

Republic Bank Ltd yesterday  announced another highly successful year of operations, recording Group after-tax profits of almost $609 million.  Profits attributable to Republic Bank shareholders have increased to $584 million — an increase of 31.3 percent over last year, the bank said.

In a statement, Republic Bank chairman and managing director Ronald Harford advised that a final dividend of 95 cents per share and an unprecedented special dividend of 30 cents have been declared, bringing the total dividend based on the Group’s performance for the year ended September 30, 2003 to $1.80 per share. The dividend will be paid on December 5, 2003 to shareholders on the register at November 21, 2003.

According to Harford, “The bank has managed to achieve this tremendous performance while focused on the installation of the new core computer system.” This new computer system, the sales and service business model, together with its Customer Care Centre will enable the bank to achieve higher levels of customer satisfaction while continuing to give its 11,000 plus shareholders a superior return on their investment, he said. He also acknowledged staff for their outstanding support and efforts in achieving the bank’s excellent performance, and noted the significant contributions of the Republic Bank Group to communities in each of the markets it serves. Harford pledged the continued commitment of the bank to the support of worthwhile community projects. Other highlights of the past financial year for Republic Bank include the purchase of Barbados National Bank (Inc) and Banco Mercantil of the Dominican Republic.