Republic Financial Holdings Limited (RFHL) and its subsidiaries have announced after-tax profit of $783.2 million for the period ended March 31, 2019.
RFHL says that this figure was impacted by two significant one-off items, the net impact of which positively increased profits by $93.1 million.
Firstly, the bank in Trinidad and Tobago amended the terms of its post-retirement medical benefits plan in line with market, resulting in a write-back net of deferred taxes of $284.9 million.
Republic Financial Holdings Limited (RFHL) has recorded a profit attributable to shareholders of TT$650.4 million for the half-year ended March 31, 2018.
This represents an increase of $19.9 million or 3.2% over the $630.5 million reported in the corresponding period of the last financial year.
Total assets increased by 0.3% over total assets as at March 2017, to stand at $69.1 billion at March 31, 2018.
This photo was sent to us by Becca88 via the new CNC3 app.
Becca titled it, "Republic Bank Limited staff members protest in Port of Spain".
Becca says staff members of Republic Bank marched in protest in front of the Head Office on Park Street in Port of Spain this evening with signs, drums and whistles to display their displeasure with the current negotiations of salaries as the bank has offered a 6% increase over 3 years, broken down as first year 1%, second year 2%, and third year 3%.
There were marches in other branches today as well.
Republic Bank is defending its position with regards to claims made by the Banking, Insurance and General Workers Trade Union that the bank is not offering descent wages to the workers.
The bank issued a statement on Thursday stating, among other things, that wages given to staff are among the best in the country.
The following is the bank's statement:
"Republic Bank Limited is currently in negotiations with the Banking Insurance and General Workers Union (BIGWU) for a new collective agreement related to its clerical staff.
Another Republic Bank employee has charged with fleecing money from the accounts of bank customers, police said in a couple of tweets later Thursday.
Nikisha Winter-Roach faces 19 counts larceny servant; 6 counts forgery and 6 counts of uttering forged documents involving $253,500 over the period May 2011-June 2017.
Winter-Roach, 37, was charged by ASP Wayne Abbot of the Fraud Squad today and will appear before a Port-of-Spain Magistrate on Friday.
The Fraud Squad had been called in by the bank to investigate the alleged theft.