Prasad

RBTT Financial Holdings recorded net income of US$233 million ($15.4 billion) in its six months to September 2006, about half of which was from its Trinidad and Tobago operations.

However, the outrun reflected depressed revenues from the comparative period in 2005 when RBTT pulled in US$239 million in its first six months.

The group still managed to grow profits by some $2.7 million, from US$71.5 million to US$74.2 million at September 30. The figures were boosted by a near tripling of profits from associated companies, from US$596,000 to US$1.56 million, and a significant drop in provisions for credit losses, from US$14.9 billion to the current US$1.4 million.

Group chairman Peter July said the group's outlook was for an improved rate of profit growth for the remainder of the year, saying however it was contingent on "continuing favourable business conditions" in RBTT's markets.

Earnings per share were flat at US 22 cents, versus US 21 cents in the second quarter of 2005.

T&T contributed US$113.6 ($7.5 billion) of net income, while the other territories in which RBTT operates, at least 13, including its commercial banking operations in Jamaica, added US$119.6 million ($7.9 billion).

Jamaica's RBTT Bank Limited is run by Managing Director Rodney Prasad.

The financial conglomerate's deposits from customers - a liability reflected on the balance sheet - were up by more than $700 million of new money to US$5.95 billion, while its loan portfolio, reflected as an asset, grew by US$340 million or 11 per cent to just under US$3.4 billion.

Total assets reflected a similar nominal growth to US$7.03 billion from US$6.73 billion.

Its asset base, however, reflected nominal growth of US$5 million to US$696.98 million in September 2006, US$7.03 billion, a 0.7 per cent blip.

- lavern.clarke@gleanerjm.com