RBTT Financial Holdings Group's assets at September 30, 2000 reflected growth of US$335 million or 16 per cent over the corresponding date last year, while the profit attributable to shareholders increased by US$6.2 million or 29 per cent to US$27.6 million. Total assets now stand at US$2.3 billion.
Royal Merchant bank and Finance Company Limited, a wholly-owned subsidiary of RBTT, continues to be a major contributor to the operating profit of the Group, and 31 per cent of the Group's operating profits for the half year ending September 30, 2000 came from operations in other CARICOM markets, the Netherlands Antilles and Aruba, increasing from 28 per cent in 1999.
The Board of Directors has approved a dividend for the half-year of 22 per cent per share which represents a distribution of US$12 million, an increase of 22 per cent over the corresponding period last year. The dividend will be paid on December 4, 2000 to shareholders on record as at November 15, 2000.
On August 14, 2000 the Group acquired a 20 per cent equity interest in Guardian Insurance Limited, a subsidiary of Guardian Holding Limited and the parent company of Guardian Life of the Caribbean Limited, BancAssurance (Caribbean) Limited and Guardian Life Limited (Jamaica). This is pursuant to the RBTT Group's strategy of developing the capability to offer and deliver a full range of integrated financial services.
Peter July, Group chairman said, "We are making progress in our efforts to achieve geographic diversification by further expansion of our banking operations outside Trinidad and Tobago, and expect to make an announcement of new acquisitions shortly. Our outlook is positive. Our planned acquisitions are in conformity with our past expansion strategies and experience and are expected to make a positive profit contribution from inception. Barring any unforeseen circumstances, we expect continued earnings growth over the remainder of the fiscal year."
RBTT Financial is the region's largest and leading network of commercial banks and financial institutions.
