This represents an increase of US$0.65 million or 1.10% over the US$59.08 million reported in the corresponding period of the last financial year. Total assets stood at US$16.95 billion at December 31, 2022, an increase of US$243.1 million or 1.45% over the total assets at December 2021.
This increase was fuelled by growth in customer deposits across our subsidiaries in Trinidad and Tobago, Guyana, Barbados, the Eastern Caribbean, and Suriname.
In announcing the results Mr. Pereira said, “The Group’s first quarter results reflect the strong performance of our US dollar denominated subsidiaries in the Cayman Islands and the British Virgin Islands because of the rising interest rate environment, together with the continued recovery in most of our Caribbean subsidiaries.
These gains were offset by a specific credit loss arising out of the Government of Ghana’s restructuring of its domestic and international debt, a condition of that country’s December 2022 Staff- Level Agreement with the International Monetary Fund for a three-year US$3 billion Extended Credit Facility.
This credit loss negated the otherwise strong operating performance of our subsidiary in Ghana. The overall net improvement does highlight the value of the Group’s international diversification strategy and the resilience of our operations.
We remain confident that the underlying strength of the Group will enable us to continue to manage any challenges ahead.”
In closing Mr. Pereira said. “I would like to express my gratitude and thanks to all the members of the RFHL Team for their commitment as we continue to serve our clients and communities with excellence.”