Page 42 - RFHL ANNUAL REPORT 2025 ONLINE_NEW
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40 • Republic Financial Holdings Limited 2025 Annual Report • EXECUTIVE REPORTS
Group President and CEO’s Discussion and Analysis
Total operating expenses
All figures are stated in TT$ millions
2025 2024 Change % Change
Staff costs 2,065 1,871 (194) -10.4
General administrative expenses 1,371 1,287 (84) -6.5
Property-related expenses 216 208 (8) -3.8
Depreciation 437 429 (8) -1.9
Advertising and public relations 133 165 32 19.4
Other 70 74 4 5.4
Total operating expenses 4,292 4,034 (258) -6.4
Trinidad and Tobago 2,185 1,990 (195) -9.8
Barbados 390 376 (14) -3.7
Guyana 298 261 (37) -14.2
Cayman Islands 556 527 (29) -5.5
Eastern Caribbean 599 668 69 10.3
Suriname 72 88 16 18.2
Ghana 278 235 (43) -18.3
British Virgin Islands 83 82 (1) -1.2
Less eliminations and other adjustments (169) (193) (24) 12.4
Total operating expenses 4,292 4,034 (258) -6.4
The Group incurred total operating expenses of $4.3 billion for the year ended September 30, 2025. This reflects an increase of $258
million or 6.4 percent above the prior year. This increase is due to the net effect of several areas as follows:
• Staff costs increased by $194 million, mainly due to increased salaries in Trinidad and Tobago, Barbados, Guyana and the
Eastern Caribbean following negotiation agreements and merit payments. There were also some smaller increases across the
Group.
• General administrative expenses increased by $84 million or 6.5 percent mainly due to an increase of $70.0 million in Trinidad
and Tobago, which was primarily driven by higher deposit insurance premiums resulting from increased premium rates, higher
IT costs and professional fees as the Bank continues to focus on our digitisation strategy. The difference was made up of smaller
movements across the Group.
• Advertising and public relations reduced by $32 million due to the prudent cost management of these expenses and the staff
rally expenses from 2024 which did not recur in 2025.
5.5 NET INTEREST INCOME (TT$B)
2.3 OTHER INCOME (TT$B)
