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
