Republic Bank (Guyana) Limited registered an increase in after-tax profit of $746m for the quarter ended December 31, 2015, $73m higher when compared to the same quarter in 2014.
According to the unaudited figures published in yesterday’s Sunday Stabroek, Republic registered an after-tax profit that was 10.8% higher than the comparable quarter in 2014.
The financial statements said that total assets rose by $10.4b or 7.8% while total deposits appreciated by $8.1b or 6.9% year-on-year.
Republic’s loan impairment expense for the quarter was $255m compared to $109m for the quarter in 2014, a rise of $146m.
In a statement, new Chairman Nigel Baptiste noted that in December 2015, the Republic Group was reorganized via the formation of a holding company, Republic Financial Holdings Limited, which is now the parent of Republic (Guyana) rather than Republic Bank Limited. Baptiste said that this change brings the group’s governance in tandem with international best practice and will not affect stockholding.
In relation to the rest of the year, Baptiste said “Your Directors are confident that subject to the stability of the economy, your Bank’s performance for the remaining quarters of this fiscal (year) will continue to be satisfactory”.
Republic Bank (Guyana) registered a 20.3% jump in after-tax profit for the year ended September 30, 2015 although interest income rose by just 4.77%.
Its financial statements revealed that Republic (Guyana) registered an after-tax profit of $2.815b for 2015 compared to $2.339b last year. The bank’s interest income rose from $6.805b in 2014 to $7.13b this year. Its interest expense declined from $657.2m last year to $589.8m this year.
The loan impairment expense was $574.2m in 2015 compared to $656.4m last year.
