Republic Bank (Guyana) Limited recorded an after-tax profit of $1.887b for the first half of fiscal 2019, a hike of $532m or 39.2% when ranged against the corresponding period last year.
According to the unaudited half-year financial statements for the period ended March 31, 2019 in the April 18 edition of Stabroek News, the improved performance was mainly due to an increase in operating income and a cut in the loan impairment expense.
Republic Bank’s unaudited interest income for the six months ending March 31, 2019 was $3.978b compared to $3.422b in the preceding year. Its operating income was $5.736b for 2019 compared to $4.991b last year.
Its credit loss expense for the six months of fiscal 2019 was $246m compared to $497m last year. Its operating expenses totaled $2.553b for 2019 compared to $2.441b.
Profit before tax for the six months of fiscal 2019 was $2.937b compared to $2.053b in 2018.
According to a statement by the Chairman of the Board of Directors, Nigel Baptiste, an interim dividend of $1.60 per stock unit has been approved. The figure last year was $1.28.
Baptiste noted that as previously advised Republic Financial Holdings Limited (RFHL), the majority stockholder of Republic Bank (Guyana), entered into a pact to acquire the banking operations of the Bank of Nova Scotia in Guyana, St Maarten and the Eastern Caribbean countries including Grenada. Baptiste said that at this stage RFHL has submitted the information to regulators for review.
Baptiste added that the bank is confident that “once there is continued economic stability, its performance will remain satisfactory”.
