FOR the half-year ended March 31, 2006, the Republic Bank Group has recorded profit attributable to shareholders of TT $371.3 million, a decrease of 12 per cent over the comparable period last year.

The Chairman, Ronald F. deC. Harford, explained that the half-year results to March 31, 2005 were affected by two significant non-recurring items, namely the unrealised gain on First Caribbean International Bank shareholding of $231 million and the write off of goodwill of $124 million on the investment in Republic Bank (DR) SA. Adjusting for these non-recurring items, the Group achieved a 17.8 per cent growth in core operational profits.

The Chairman went on to say that: “The Group continues to perform in line with expectations amidst a rapidly changing financial environment of rising interest rates, increasing levels of liquidity and a strong demand for foreign exchange.”

The Group’s asset base has continued to grow, with total assets of $33,293,815; $2,782,148 greater than recorded for the comparable period last year.

The Board of Directors has declared a half-year dividend of 77 cents per share.

This dividend will be paid on June 2, 2006.

Harford expressed his appreciation for the continued support of management, staff and customers of the Group.