Republic Bank registers after-tax profit of $2.7b

-loan impairment expense up 37%

Republic Bank (Guyana) Limited racked up an after-tax profit of $2.7B for the year ended September 30, 2016, four per cent lower than the previous year.

According to its financial statements published in the last Sunday Stabroek, after-tax profit was down by $112m from 2015’s $2.81b.

Interest income rose from $7.13b in 2015 to $7.67b this year. Interest expense increased from $589m in 2015 to $603m this year. Other income for the bank whose parent company is headquartered in Trinidad was $2.3b in 2016 compared to $2.7b in 2015.

The bank’s loan impairment provision rose significantly. The loan impairment expense net of recoveries was $786m this year compared to $574m last year, a rise of 37%. Its loan impairment expense in 2014 was $656.4m.

Earnings per stock unit dropped from 9.39 in 2015 to 9.01 this year.