Page 152 - RFHL ANNUAL REPORT 2024_ONLINE
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150 Notes to the Consolidated Financial Statements
For the Year Ended September 30, 2024.
Expressed in millions of Trinidad and Tobago dollars, except where otherwise stated.
20. Credit loss expense/(recovery)
2024 2023
Advances 140 289
Debt instruments measured at amortised cost (44) (247)
Other assets 13 139
109 181
21. Taxation expense
Corporation tax 703 700
Deferred tax – Note 11 (b) 33 (33)
736 667
Reconciliation between taxation expense and net profit before taxation
Income taxes in the Consolidated statement of income vary from amounts that would be computed by applying the statutory
tax rate for the following reasons:
2024 2023
Net profit before taxation 3,008 2,599
Tax at applicable statutory tax rates 1,374 1,065
Tax effect of items that are adjustable in determining taxable profit:
Tax exempt income (650) (522)
Non-deductible expenses 222 269
Allowable deductions (216) (154)
Change in tax rates (4) 4
Provision for other taxes 10 5
736 667
The Group has no unutilised tax losses as at September 30, 2024 (2023: no unutilised tax losses).
22. Risk management
22.1 General
The Group’s prudent banking practices are founded on solid risk management. In an effort to keep apace with its
dynamic environment, the Group has established a comprehensive framework for managing risks, which is continually
evolving as the Group’s business activities change in response to market, credit, product and other developments.
