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Hundreds of clients of Republic Bank were left shocked and dismayed as their accounts were debited for all outstanding e-commerce and point-of-sale transactions, despite prior advisement over the weekend. The notice came on the very day that the Chairman of Republic Financial Holdings Limited (RFHL), Vincent Pereira, announced a staggering profit of $1.0 billion for the six-month period ending March 31, 2024.

This remarkable profit represents a substantial increase of $213 million or 27% over the previous financial year. Excluding one-off losses, core profits after tax and non-controlling interest soared by $130 million or 15%. Total assets also saw a significant uptick, standing at $117.5 billion, marking a 3.0% increase over the previous year.

Mr. Pereira attributed this success to the Group’s strategic focus on market advancement, customer experience enhancement, and sustainability commitments across its 16 operating countries. Despite the positive financial outlook, clients were left grappling with unexpected account deductions, underscoring a dissonance between the bank’s profitability and customer relations.

Nevertheless, the Board of Directors declared a second quarterly interim dividend of $0.60 per share, payable on May 29, 2024, to shareholders on record as of May 10, 2024. Mr. Pereira expressed confidence in the Group’s future performance, emphasizing continued dedication to employee engagement, customer satisfaction, and digital innovation.

As Republic Bank navigates these challenges, clients and stakeholders remain pivotal to its success, with Mr. Pereira extending gratitude to the RFHL team and valued customers for their unwavering support and loyalty.