Republic Bank profit up 14.4%

-sale of fixed asset led to extraordinary gain, credit loss provision rises

Richard Sammy

Republic Bank (Guyana) Limited registered an after tax profit of $3.134b for 2018, up by 14.4% compared to $2.73b last year.

The Trinidad and Tobago-headquartered bank’s Managing Director, Richard Sammy in his discussion in the bank’s annual report noted that the rise in profitability was attributable to normal banking operations and an extraordinary gain from the sale of a fixed asset.

Net interest and other income rose by $905.1m or 9.38% to $10.55b this year compared to the $9.65b last year. This, he said, was attributable to the increase in the loan portfolio and the sale of a fixed asset…..

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