NBS registers $1.2B profit, down 6% from 2017

Profit for the New Building Society (NBS) for last year was $1.201 billion, which is down 6% from the previous year’s figure of $1.279 billion.

According to the financial statements of the mortgage institution, published in last Thursday’s edition of the state-owned Guyana Chronicle, interest income on loan assets rose from $2.4 billion in 2017 to $2.5 billion last year. Income from investments, however, slid from $273.5 million to $192.5 million and income from cash resources also fell from $396.7 million in 2017 to $290.3 million last year.

The interest expense for 2017 was $1.07 billion and this declined slightly to $1.05 billion last year. Total interest revenue, therefore, declined from $2 billion in 2017 to $1.94 billion last year. Taking other income into consideration, the NBS’s total net income for last year was $1.95 billion compared to $2 billion in 2017.

Total operating expenses rose from $739 million in 2017 to $757 million last year, resulting in profit for 2018 of $1.201 billion compared to $1.279 billion in 2017. Credit impairment on loan assets fell sharply from $25.8 million in 2017 to $13 million last year. There was, however, a credit impairment of $11 million on investments for 2018, when the figure was zero in 2017.

The institution’s loan assets rose from $38.5 billion in 2017 to $40 billion last year.

NBS is due to hold its annual general meeting on March 23rd, 2019 at 10.30 am at its head office at 1 North Road and Avenue of the Republic.