Republic Bank (Guyana) hits $2.3b profit

Republic Bank (Guyana) Limited has registered a profit of $2.3b for the year ended September 30,2013 compared to $2b for the same period last year.
According to its financial statements published in today’s issue of the Stabroek News, interest income was up from $5.6b in 2012 to $6.2b this year. Interest expense on the other hand was down from $851m in 2012 to $736m this year. Lower interest expenses has been a trend across the banking sector. Other income for the bank in 2012 was $1.9b and it rose to $2.1b this year.
Loan impairment expense net of recoveries was $134m in 2012 and this rose significantly to $276m this year. Taxation for this year was $1.3b compared to $1.2b last year.
Earnings per stock unit rose from $6.71 to $7.85.