Republic Bank (Guyana) Limited yesterday reported an after-tax profit of $4.2b for the financial year ended September 30, 2022, up by 19.63% over the 2021 figure.
In a statement in yesterday’s Stabroek News, Chairman of the institution, Nigel M Baptiste said that the bank recorded a satisfactory performance with its after-tax profit rising by $702.9m.
As a result of the performance, the Board has recommended a final dividend of $1.2b or $4 per stock unit. If approved by stockholders at the Annual General Meeting this will translate into a total dividend for the year of $1.62b compared to $1.35b last year.
“With the goal of positioning Guyana as a strong global and regional player, diversification is seen as key to building an economy that will see the country transition to new manufacturing, agro-processing and industrial opportunities”, Baptiste said.
He added that the Trinidad-headquartered institution is well-positioned to support these developments and “remains committed to doing its part to help these plans materialise for the Government and people of Guyana”.
The Bank’s interest income rose from $9.23b in 2021 to $10.37b this year. The interest expense increased from $751.2m in 2021 to $784.7m this year.
The credit loss expense on financial assets moved up from $324.2m in 2021 to $453.2m this year. The operating expense climbed from $5.96b last year to $6.4b this year.
The earnings per stock unit increased from $11.94 in 2021 to $14.28 this year. The return on average assets appreciated from $1.62% to $1.74%.
