In the first quarter of its financial year, Republic Bank (Guyana) Limited recorded an after-tax profit of 4 million; that is some million more than the amount recorded during the corresponding period last year.
This is according to Chairman of the Bank’s Board of Directors, Nigel Baptiste, who noted that the increase is 3.8 per cent when compared to the 6 million registered in the same quarter in 2015. A statement from the Chairman was published in Saturday’s edition of Guyana Times, along with unaudited financial statements as December 31, 2016.
Republic Bank, Camp and Robb Streets, Georgetown
Furthermore, Baptiste outlined that total assets increased by $11.7 billion for 8.1 per cent, while total deposits increased by $10.3 billion or 8.2 per cent year-on-year.
The Chairman added that “Based on the performance noted above, your directors remain focused on the achievement of the Bank’s strategic objectives for fiscal 2017.”
Meanwhile, Republic Bank reported in November last year that its financial year ended on September 30, 2016, with an after-tax profit of $2.7 billion, which was four per cent lower than the previous year.
According to its annual financial statements, after-tax profit was down by $112 million from $2.81 billion in 2015.
Interest income rose from $7.13 billion in 2015 to $7.67 billion last year. Interest expense increased from $589 million in 2015 to $603 million in 2016. Other income for the Bank, whose parent company is headquartered in Trinidad, was $2.3 billion in 2016 compared to $2.7 billion in 2015.
The bank’s loan impairment provision rose significantly. The loan impairment expense net of recoveries was $786 million this year, compared to $574 million last year, a rise of 37 per cent. Its loan impairment expense in 2014 was $656.4 million.
Additionally, earnings per stock unit dropped from 9.39 in 2015 to 9.01 last year.
