Republic grew Tier 1 capital by more than 27% and achieved a return on equity of almost 29%. Moreover, the bank has managed to continue cutting costs year-on-year, reducing its cost-to-income ratio in 2007 to 45.99%, down from 56.56% only two years earlier.
Republic has been able to increase its profitability faster than its growth in assets by increased productivity through improvements in systems, processes, services and product offerings. Specifically, Republic’s profits from core operations have hovered around 18% per year for the past four years.
“From expanding our asset base and profitability through strategic planning and designing creative methodologies in customer service, to across-the-board social investment programmes and industry-leading employee care programmes, we are poised for steady growth as we continue to lead the way in product innovation and customer service in Trinidad and Tobago,” says managing director David Dulal-Whiteway.
“We maintained our focus on core banking business; building a strong balance sheet that can withstand the current financial shockwaves affecting world markets; and this places us in a stronger position to take advantage of opportunities that may arise.”
