Transcription of 2018 - republicfinancialholdings.com
1 1. 2018. Annual Report 2. 1. 2018. Annual Report Making a difference To provide hope for those in need and empowerment for those who are disenfranchised. To stay human and personal in our day to day service so that customers feel safe in our hands. To drive business with leading-edge technology. To stay the course and to thrive, no matter the economic climate. To change a life for the better. These are privileges we have earned on our journey of over 181 years and we will continue to do all that we can to make a positive difference in the lives of those we serve. 2. The Bank at a Glance About Us Republic Financial Holdings Limited (RFHL) is the registered owner of all of the banks in The Republic Group Republic Bank Limited, Republic Bank (Guyana) Limited, Republic Bank (Barbados) Limited, Republic Bank (Grenada) Limited, Republic Bank (Suriname) , Republic Bank (Ghana) Limited, Republic Bank (Cayman) Limited, Republic Securities Limited, and other subsidiaries.
2 In keeping with international best practice, this holding company was formed with the aim of offering increased operational efficiencies and optimum management of the Group; ultimately leading to greater value for our shareholders and clients while enabling greater strategic focus and diversification. Total Assets ($Millions). Our Vision 10,008. 10,548. 10,291. 9,935. 9,431. Republic Financial Holdings, 1,200. the Caribbean Financial Services Group of Choice for our Staff, Customers 900. and Shareholders. We set the Standard of Excellence 600. in Customer Satisfaction, Employee Engagement, Social Responsibility and Shareholder Value, 300. while building successful societies. 0. Our Mission 2018 2017 2016 2015 2014.
3 Our mission is to provide Personalised, Efficient and Competitively-priced Profit After Tax ($Million). Financial Services and to implement Sound Policies 186. 198. 195. 142. 187. which will redound to the benefit of our Customers, Staff, Shareholders 200. and the Communities we serve. 150. Core Values Customer Focus 100. Integrity Respect for the Individual Professionalism 50. Results Orientation 0. 2018 2017 2016 2015 2014. 3. The Bank at a Glance Network Operating Branches Branches 117. Cayman ATMs 295 Barbados Grenada trinidad & Tobago Ghana Employees 5,574 Guyana Suriname Sources of Revenue 2. 4% %. 5%. 11%. 58%. 20%. Shares 2017 - 2018. Share Price Earnings per Share Advances 58%.
4 Fees and Commissions 20%. 2017 US$ 2018 US$ 2017 US$ 2018 US$ Investment Securities 11%. Exchange Earnings 5% Dividend Yield PE Ratio Other Income 4%. 2017 2018 2017 2018 Liquid Assets 2%. Corporate Social Responsibility Through our US$38 million social investment initiative, the Power to Make a Difference, we have formed powerful connections within the national communities of our territories with the aim of safeguarding the welfare and ensuring the sustainable success of these beautiful nations. For the past 15 years, through relationships with Non-Governmental Organisations (NGOs) and Community Based Organisations (CBOs), we have worked together to help enhance the quality of lives of the differently able; support healthcare programmes and disability awareness initiatives; provide opportunities for young people to realise their truest potential through sport, education, culture and the arts; and raise the bar for community investment through a wide-reaching, comprehensive staff volunteerism programme.
5 4. Table of Contents 01. Corporate Information Notice of Meeting Corporate Information Consolidated Financial Summary A Guide to the Group Financial Calendar 6. 7. 8. 9. 02. Board of Directors Board of Directors Directors' Report Chairman's Review President's Discussion and Analysis 12 17 19 23. and Management 03. The Group Subsidiaries 38. Corporate Governance 56. Subsidiaries 04. Corporate Social Power to Make a Difference 64. Responsibility 05. Financial Statements Independent Auditors' Report Consolidated Statement of Financial Position Consolidated Statement of Income Consolidated Statement of Comprehensive Income 74 82 84 85. Consolidated Statement of Changes In Equity 86. Consolidated Statement of Cash Flows 88 Notes to the Consolidated Financial Statements 90.
6 5. 01. Corporate Information Making the difference through Culture Across the Group, keeping tradition alive has stood paramount in working with diverse communities to preserve, protect, and promote various cultural aspects, with their development therefore positioned as yet another dimension through which young minds were challenged and awakened. 6 Corporate Information Notice of Meeting ANNUAL MEETING NOTES. NOTICE is hereby given that the Third Annual Meeting of Republic Persons Entitled to Notice Financial Holdings Limited will be held at the Ballroom of the Hilton In accordance with Section 110(2) of the Companies Act Chap. 81:01, trinidad and Conference Centre, Lady Young Road, Port of Spain on the Directors of the Company have fixed November 19, 2018 as the Monday December 17, 2018 at 9:30 for the following purposes:- Record Date for the determination of shareholders who are entitled to 1 To receive the Audited Financial Statements of Republic Financial receive notice of the Annual Meeting.
7 A list of such shareholders will be Holdings Limited for the year ended September 30, 2018 and the available for examination by shareholders at the Office of the Registrar Reports of the Directors and Auditors thereon. during usual business hours. 2 To take note of the Dividends paid for the twelve-month period ended September 30, 2018. Proxies 3 To elect Directors. Shareholders of the Company entitled to attend and vote at the Meeting 4 To re-appoint the Auditors, Ernst & Young and to authorise the are entitled to appoint one or more proxies to attend, and in a poll, vote Directors to fix their remuneration. instead of them. A proxy need not be a shareholder. Any instrument 5 Any other business.
8 Appointing a proxy must be received at the Registrar's Office not less than 48 hours before the Meeting. Shareholders who return completed By order of the Board proxy forms are not precluded, if subsequently they so wish, from attending the Meeting instead of their proxies and voting in person. In the event of a poll, their proxy votes lodged with the Registrar, will be excluded. Kimberly Erriah-Ali Corporate Secretary Dividend A final dividend of $ declared for the financial year ended September November 8, 2018 30, 2018 will be payable on December 3, 2018 to shareholders at the close of business on November 19, 2018. Republic Financial Holdings Limited This is the Third Annual Meeting of Republic Financial Holdings Limited since the Republic Bank Limited Vesting Order (Legal Notice #215 of 2015) and the change of name from Republic Bank Limited to Republic Financial Holdings Limited.
9 Documents Available for Inspection No service contracts were granted by the Company or Subsidiary Companies to any Director or Proposed Director of the Company. Corporate Information 7. Corporate Information DIRECTORS REGISTERED OFFICE. Chairman Republic House Ronald F. deC. Harford, CMT, FCIB, FIBAF, FCABFI, LLD 4th Floor 9-17 Park Street, Port of Spain President and Chief Executive Officer trinidad and Tobago, West Indies Nigel M. Baptiste, BSc (Econ.) (Hons.), MSc (Econ.), ACIB. GROUP HEAD OFFICE. Directors Republic House Shazan Ali, BSc (Mechanical Eng.) (Hons.) 4th Floor Ian Benjamin, SC, MA, (Cantab.) (Syd.), 9-17 Park Street, Port of Spain BA (Law and Land Economy) (Hons.) trinidad and Tobago, West Indies Dawn Callender, FCCA, CPA, MBA Tel: (868) 625-4411, 623-1056.
10 Terrence W. Farrell, PhD, , LEC Fax: (868) 624-1323. Alison Lewis, MOM, BA (Econ. and Mgmt.) Swift: RBNKTTPX. William P. Lucie-Smith, MA (Oxon), FCA Email: Russell Martineau, CMT, SC, (Lond.) Website: Robert Riley, CMT, BSc (Agri. Sc.), (Hons.), LEC, EMBA. Kristine Thompson, , MBA REGISTRAR. Gregory I. Thomson, BSc (Math and Physics), MBA trinidad and Tobago Central Depository Limited 10th Floor, Nicholas Tower EXECUTIVE MANAGEMENT 63-65 Independence Square, Port of Spain Chief Financial Officer trinidad and Tobago, West Indies Parasram Salickram, FCCA, ACMA, CGMA, CA, CFA, FRM. ATTORNEYS-AT-LAW. Chief Risk Officer Pollonais, Blanc, de la Bastide & Jacelon Farid Antar, ACIS, ACIB, Cert.
