Republic Bank (Guyana) Limited has increased its after tax profits for the year ended September 30, 2007 by 11.22% from $1028.9M in 2006 to $1144.4M. This has resulted in the Return on Assets moving to 1.61% and the Return on Equity to 22.66%.
In his report to shareholders in the bank’s annual report Mr Edwin Gooding, the managing director, stated that Earnings per Share improved from $3.43 to $3.81.
Gooding said in his report which will be read at the annual general meeting scheduled for the 10th December, 2007 at the Pegasus hotel that during the year, the management and staff at all levels were exposed to the bank’s Customer Care training programmes. “We hold fast to the view that customer service is the unique differentiating factor that will move us from good to great in the eyes of our customers. That is why we never get complacent and continue to strive to not only satisfy our customers, but to delight them.”
Gooding said internal expertise has been sourced to train staff in the critical areas of credit operations, core banking procedures and management/ supervisory skills. Staff also participated in training programmes organized by Republic Bank Limited and international agencies such as the Florida Bankers’ Association and Crown Agents.
The managing director said the bank had continued via its scholarship programmes to afford staff the opportunity to read for relevant degrees/diplomas at the tertiary level. Under the Stan Affonso Scholarship Plan, five Officers are currently studying at the University of Guyana. There are thirty-seven officers reading for the AICB Diploma programme offered by the Institute of Canadian Bankers. Four Officers attained the AICB Designation in 2007, he said.
During the year, Gooding said, the bank had upgraded both its core operating system and other ancillary systems. “The result is increased capacity, improved efficiency, and improved redundancy capability. “This upgrade will provide us with greater self-reliance and flexibility. We are also finalizing new channels through which our customers can do business easier with their bank and new technology based services are planned for Fiscal 2008.”
Gooding said that the construction of the new branch at Camp and Robb Streets continues apace and completion is set for March 2008. “This will be a signature branch that will provide our customers with more modern and spacious accommodation. It will also present us with the opportunity to grow the business and at the same time, improve the overall level of customer’s service we deliver”. Work on a new branch in Anna Regina is scheduled to commence in early 2008.
The managing director said the bank was confident that once the stable economic and political climate continues, the Bank will have another successful year in 2008. “The future is replete with opportunities such as the renewed prospects of oil exploration in the Berbice region and the completion of the Berbice Bridge which have to be balanced against the challenges associated with the continued phased reduction of EU sugar prices, rising prices and high crime levels.”
