The New Building Society has registered a surplus of $825M for 2012 compared to $771M in 2011.
Financial statements for the year ended December 31, 2012 published in today’s Guyana Times show that interest income for last year fell marginally compared to 2011 as a result of a decline in income from investments.
Interest income on loan assets in 2012 was $1.67B compared to $1.52B in 2011. Income on investments dropped from $595M in 2011 to 457M last year. Interest income on cash resources declined from $138M in 2011 to $126M.
Interest expense dropped from $1B in 2011 to $924M in 2012. General administrative expenses rose from $392M in 2011 to $432M in 2012. The net provision for the impairment on loan assets fell from $16.8M in 2011 to $5.8M last year.
Cash resources climbed from $3.9B in 2011 to $6.7B last year while loan assets appreciated over the same period from $23.5B to $27.7B. Investments declined from $16.1B in 2011 to $12.2B. Loans advances net of repayments moved from $1.9B in 2011 to $4.2B last year.
NBS is a major player in the mortgages market.
