Republic Bank (Guyana) Limited has recorded an after-tax profit of $1.71b for the half-year ended March 31, 2021, accorded to the unaudited financial statements published in yesterday’s Sunday Stabroek.
According to its Chairman, Nigel M Baptiste, the profit figure for 2021 reflects a drop of $248m or 12.7% compared to the 2020 figure $1.96b. In his statement, he attributed this to reductions in net interest and other income due to lower levels of economic activity and the non-recurrence of “certain one-off events” coupled with in an increase in loan loss provisioning.
He added that total assets grew by $36.4b or 19.7% and customers’ deposit rose by $31.8b or 20.1% year-on-year.
Based on the performance, he said that the Directors have approved an interim dividend of $1 per stock unit which was the same figure for 2020. Earnings per stock unit were 5.71 for the six-month period which ended on March 31st this year compared to the same period in the preceding year.
Net interest income for the six months was $4.18b compared to $4.37b for the corresponding six months in the preceding year. The credit loss expense for the six months ending March 31, 2021 was $252m compared to $42m in the preceding corresponding six-month period.
