Page 83 - RB GRENADA ANNUAL REPORT 2025_ONLINE

• 83

Notes to the Financial Statements

For the year ended September 30, 2025. Expressed in Thousands of Eastern Caribbean dollars ($’000), except where otherwise stated.

1 Corporate information
Republic Bank (Grenada) Limited (the ‘Bank’) is incorporated in Grenada and provides banking services through five branches
in Grenada and Carriacou. The Bank was continued under the provision of the Companies Ordinance Section 365, 1995 on
March 23, 1998 and its registered office is located at Republic House, Grand Anse, St. George, Grenada. The Bank is a subsidiary
of Republic Financial Holdings Limited of Trinidad and Tobago formerly Republic Bank Limited.

Republic Financial Holdings Limited the financial holding company for the Republic Group is incorporated in the Republic of
Trinidad and Tobago and its registered office is located at Republic House, 9-17 Park Street, Port of Spain. Republic Financial
Holdings Limited is listed on the Trinidad and Tobago Stock Exchange.

The Republic Group (the ‘Group’) is a financial services group comprising several subsidiaries and associated companies. The
Group is engaged in a wide range of banking, financial and related activities mainly in the Caribbean Community (CARICOM)
region, Cayman Islands, Ghana, St. Maarten, Anguilla and the British Virgin Islands.

2 Material accounting policies
These Financial statements provide information on the accounting estimates and judgements made by the Bank. These
estimates and judgements are reviewed on an ongoing basis. Given the continued impact of global economic uncertainty
exacerbated by high inflation and rising interest rates, the Bank has maintained its estimation uncertainty in the preparation
of these financial statements. The estimation uncertainty is associated with the extent and duration of the expected economic
downturn in the economy. This includes forecasts for economic growth, unemployment, interest rates and inflation.

The Bank has formed estimates based on information that was available on September 30, 2025, which was deemed to be
reasonable in forming these estimates. The actual economic conditions may be different from the estimates used and this
may result in differences between the accounting estimates applied and the actual results of the Bank for future periods.

The principal accounting policies applied in the preparation of these Financial statements are set out below.

2.1 Basis of preparation
The Bank has prepared its Financial statements on the basis that it will continue to operate as a going concern. The
Financial statements of the Bank are prepared in accordance with International Financial Reporting Standards (IFRS)
Accounting Standards and are stated in Eastern Caribbean dollars. These Financial statements have been prepared on a
historical cost basis except for employee benefits measured at Fair value of plan assets less the present value of defined
benefit obligations and financial instruments measured at Fair Value through Profit or Loss (FVPL). The preparation
of Financial statements in conformity with IFRS Accounting Standards requires management to make estimates and
assumptions. Actual results could differ from those estimates. Significant accounting judgements and estimates in
applying the Bank’s accounting policies have been described in Note 3.

2.2 Changes in accounting policies
The accounting policies adopted in the preparation of the Financial statements are consistent with those followed in the
preparation of the Bank’s annual Financial statements for the year ended September 30, 2024, except for the adoption of
new standards and interpretations below.

Several amendments and interpretations apply for the first time in 2025. These are also described in more detail below.
The Bank has not early adopted any standards, interpretations or amendments that have been issued but are not yet
effective.