Business
RBTT posts TT$346-million profit in Trinidad &Tobago
Friday, July 03, 2009
One year after it was acquired by The Royal Bank of Canada, Port of Spain-based RBTT Bank Ltd has posted after-tax profits of TT$346 million for its financial year ended March 31, 2009.
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| Sookoo... it was an eventful year with RBTT bank being acquired by RBC in June, 2008 |
This was an increase from the TT$326 million after tax profit recorded in 2008, the bank's audited financial statements indicated.
RBTT Bank's chairman Suresh Sookoo said in a published statement that it was an eventful year with RBTT bank being acquired by RBC in June, 2008.
"Months later, in October, we witnessed distress in the global financial markets and then, closer to home, the Government intervention and restructuring of the CL Financial Group," Sookoo said.
Notwithstanding these challenges, the bank remained focused on its customers and core banking business."
The bank's asset base increased by TT$204 million from 2008 to now stand at more than TT$17 billion with shareholders' equity increasing to TT$1.75 billion.
"It has been a full year since the completion of RBC's acquisition of RBTT," Sookoo said, adding that during this time, the company benefited from RBC's knowledge and expertise and improvements in the business model, processes and technology continue to be implemented.
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