Republic Bank (Guyana) Limited’s after-tax profit for the financial year ended September 30, 2020 was $3.49 billion, down by 9.13% compared to the preceding year.
According to its audited financial statements, published in the October 28 edition of Stabroek News, interest income rose from $9.083 billion in 2019 to $9.576 billion in 2020. Interest expense climbed from $588 million in 2019 to $692.7 million this year. Other income dropped from $3.152 billion in 2019 to $2.848 billion this year.
The credit loss expense on financial assets rose sharply from $86.2 million in 2019 to $366.5 million this year. Operating expenses climbed from $5.586 billion in 2019 to $6.038 billion this year.
Profit before taxation was $5.974 billion in 2019 compared to $5.326 billion this year. Total taxation expense was $2.128 billion in 2019 compared to $1.831 billion last year, leaving net profit after taxation at $3.494 billion for 2020 compared to $3.845 billion for 2019.
Earnings per stock unit were 11.65 for this year compared to 12.82 last year.
An interim dividend of $1 per stock unit ($300 million) was paid during the year and a final dividend of $3.25 per stock unit ($975 million) is recommended. This would make the total payout $1.275 billion for the year ended September 30, 2020.
