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Republic Bank's profits soar in first quarter


Republic Bank’s profits soar in first quarter
Article by
May 13, 2021
The Barbados economy may be in recession with the last quarter registering the worst contraction in the last 12 months, however, one of the country’s leading commercial banks is registering a significant jump in its group profits.
Republic Bank, which entered the Barbados market more than a decade ago by acquiring the former state-owned Barbados National Bank, says its takeover of a banking operation in the British Virgin Islands (BVI) was the main driver of the approximately 25 per cent increase in profits.
Republic Bank Group announced in just published unaudited financials for the quarter ending March 31, that its after-tax profit advanced from US$29.30 million for the same period last year to almost US$50 million this year. ....

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