Republic Bank assets up 11 percent 
Pre-tax profit passes TT$457 million 

Following another highly successful year of operations, Republic Bank shareholders will receive an additional TT$30 million in dividends, says the Bank's Chairman, Frank Barsotti.
Barsotti indicated that a final dividend of TT56 cents per share (TT$6.2=US$1) would be paid on December 8, 2000 to shareholders bringing the total dividends paid this year to $153 million. This is 25 percent greater than the $123 million paid last year. Barsotti also stated that the Group's assets now stand at $16.9 billion, an 11 percent increase over the $15.2 billion recorded at September 30, 1999.
The Group's profit before tax was $457.1 million, with profit attributable to shareholders of $361.3 million - a record for the Group. Profit attributable to shareholders grew by $73.5 million over 1999, an increase of 25.5 percent. $18 million of this increase was attributed to a new international accounting requirement that governs employee benefits.
The parent company, Republic Bank Limited, was the major contributor to this increased profitability but all Group companies improved on their previous years results and contributed to the Group's strong performance. Barsotti pointed to the Group's ability to successfully handle corporate strategy, particularly asset and liability management, risk management and market segmentation as the principal reason for their success.
He also acknowledged staff throughout the Group for their outstanding support and efforts in achieving the Bank's excellent performance. The Group, he stated, contributes in a significant way to national and community development in each of the markets it serves.
In light of the favourable prospects for economic growth during the next financial year, Chairman Barsotti expects the Group to have another successful year in 2001.