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Republic Financial Holdings posts 37.5% rise in quarterly profit

Republic Financial Holdings Ltd. booked a 37.5% jump in net profit for its fiscal third quarter ending June 30, largely on the back of stronger operating results.

The Trinidad and Tobago-based company's net profit after taxation for the three-month period reached TT$497.2 million, up from TT$361.6 million booked in the year-ago period.

Net interest income expanded to TT$1.03 billion from TT$848.9 million in the year-earlier period. Other income increased annually to TT$491.7 million from TT$375.7 million.

The group's operating income hit TT$1.53 billion, increasing from TT$1.22 billion a year ago. Operating profit for the period came to TT$647.0 million, up from TT$567.1 million in the prior-year period.

The results included a TT$7.5 million reversal in credit loss expenses.

As of July 25, US$1 was equivalent to 6.75 Trinidad and Tobago dollars.