News
Andrew Gioannetti
REPUBLIC Financial Holdings Ltd (FRHL) has reported a profit of $395.9 million for the quarter ended December 31, the company announced on Thursday.
It represents an increase of $4.7 million or 1.2 per cent over the corresponding period last year. Total assets stood at $111.9 billion at December 31, 2021, an increase of $7.3 billion or 6.9 per cent over the total assets at December 2020.
In a statement, FRHL chairman Vincent Pereira noted that the first quarter of the group’s 2022 financial year was marked by an upsurge in covid19 infections in many territories in which it serves, following the emergence of the omicron variant.
Periera said, “The resulting increased uncertainty and reduced productivity due to staff absences and self-imposed lockdowns, coupled with the impact of global supply chain disruptions, dampened expectations for a robust recovery of economic activity during the quarter.
“In light of these ongoing challenges, the group redoubled its efforts to work closely with its clients to mitigate the longer-term adverse effects of the pandemic, including the extension of moratoriums on loans for affected customers.”
He said despite ongoing concerns over the duration and long-term impact of the pandemic, FRHL “(remains) steadfast in supporting our clients, stakeholder and our communities in continuing to provide a safe working environment for our staff, and in building the group’s resilience through strategic investments in innovation and initiatives to improve efficiency.
“We do remain optimistic for the future,” said Pereira.
