Page 33 - RFHL ANNUAL REPORT 2025 ONLINE_NEW

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The global economy
It was a year that showcased strong Global economic activity decelerated slightly in 2025, with the
performance, disciplined execution International Monetary Fund (IMF) projecting a fall in real Gross
in advancing our strategic priorities, Domestic Product (GDP) growth to 3 percent from 3.3 percent
strengthening our digital capabilities, in 2024. This was attained against a backdrop of significant
improving customer experience and global uncertainty, fueled in large part by a significant
increase in trade protectionism and ongoing geopolitical
deepening regional integration across tensions. Regarding the former, the announcement of
our many operating subsidiaries. widespread tariffs by the United States of America (US) in

April 2025, intensified uncertainty and shook global financial
markets. This also caused economic growth for the year to be
The exceptional year we have enjoyed was only made possible front-loaded, as businesses and consumers brought forward
through the efforts of the talented and committed RFHL key purchases in anticipation of higher tariffs. In the ensuing
team members across the 16 countries where we operate. months, the tariff-related uncertainty eased as the US secured
They are outstanding. On behalf of the Board, I wish to say trade deals with several nations and its average effective tariff
how immensely proud we are of our entire team. Every day rate fell below the level announced in April. In advanced
and in every way they never waver in their commitment and economies, real GDP growth slowed to an estimated 1.5
belief as regards the crucial role they play in supporting our percent in 2025, following an expansion of 1.8 percent in the
broad universe of stakeholders and enabling so many to live previous year. The Euro Area economy is estimated to have
their dreams. bucked the trend with a marginal acceleration of growth
to 1 percent from 0.9 percent in 2024. Meanwhile, the weak
0.1 percent expansion of the German economy reflected the
Results continued challenges facing its manufacturing sector. In
I am pleased to announce that the Group achieved a profit Canada, growth is expected to mirror the 1.5 percent recorded
attributable to equity holders of the Parent of $2.2 billion, in 2024, while the US economy is projected to grow by 1.9
representing a 10 percent increase over the prior year, percent, representing a notable ease from the 2.8 percent of
supported by solid growth in both retail and corporate a year earlier. Emerging and developing economies are also
banking segments. Our asset base expanded by $8.6 billion expected to register softer performances in 2025, with real
or 7 percent to $127 billion, driven by continued loan portfolio GDP envisaged to fall to 4.1 percent from 4.3 percent in 2024.
growth, while deposits and other funding instruments Slower growth is projected for China (4.8 percent), India (6.4
increased by $7.3 billion or 7 percent, underscoring strong percent) and Brazil (2.3 percent).
customer confidence in our stability and service.

A detailed analysis of the Group’s financial performance is
available in the Group President and Chief Executive Officer’s NET PROFIT (TT$B)
(CEO) Discussion and Analysis on pages 36 to 48 of this report. 2.2

The Board of Directors has declared a final dividend of $3.85
per share, bringing the total dividend to $6.00 per share for
the fiscal year (2024: $5.70), an increase of 5.3 percent or $0.30, 6.00 TOTAL DIVIDEND (TT$)
over the previous year. With a closing share price of $106.62,
this equates to a dividend yield of 5.63 percent (2024: 5.09
percent). The Group’s capital adequacy ratios remain robust
across all countries and at the consolidated level.
13.44 EARNINGS PER SHARE (TT$)
The final dividend will be paid on December 5, 2025, to
shareholders on record as of November 21, 2025.