Republic Bank 2017 profit at $2.73b

-loan impairment expense at $675.7m

Republic Bank (Guyana) Limited registered an after-tax profit of $2.73b for the financial year ended September 30, 2017 – slightly above the previous year’s figure – and the institution is still reporting a significant level of bad debt.

Its financial statements published in today’s edition of  the state-owned Guyana Chronicle showed that the after-tax profit of $2.73b was  1.32% above the previous year’s figure of $2.7b.

Interest income was up a smidgeon for the T&T-headquartered institution, from $7.671b for the year 2016 to $7.705b for 2017. Interest expense on the other hand fell from $603.4m in 2016 to $574.9m this year.

The loan impairment expense was down 14% in 2017 compared to 2016 but was still significant. The loan impairment expense for 2016 was $786.6m compared to $675.7m this year.

Notably, the bank’s operating expenses were up 9.3% from $4.343b in 2016 to $4.748b this year.

Taxation in 2017 was $1.48b compared to $1.56b for 2016.

Earnings per stock unit was 9.13 this year compared to 9.01 in 2016

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