November 7, 2017 |
Depressed oil prices hit Trinidad & Tobago’s economy hard, and like many of its oil-exporting peers, year-on-year GDP declined in 2016. The Caribbean island’s financial sector also felt the wrath of lower oil prices, but Republic Bank’s efforts to expand beyond the region helped maintain profitability across its operations. The lender recorded $959 million in profits attributable to shareholders in September 2017, a $51.5 million increase on the same nine-month period in 2016. In a September report, S&P Global Ratings affirmed Republic Bank’s BBB global rating, saying it expects the lender’s loan portfolio to grow 2% to 3% in 2017 and 2018. Roopnarine Oumade Singh, an executive direc
Despite slower economic growth at home, the Caribbean lender maintains strong market share and grows its presence abroad through acquisitions.