Republic Bank (Guyana) Limited registered $4.91b in after tax profit for the year ended September 30, 2023, $627m or 14.6% above the previous year’s figure.
According to the bank’s audited financials published in Tuesday’s Stabroek News, Republic Bank (Guyana)’s Chairman Nigel M. Baptiste declared that the bank had recorded a “strong performance” and as a result the board has recommended a final dividend of $1.575b ($5.25 per stock unit). If approved at the Annual General Meeting, this will take the total dividend for 2023 to $2.1b/$7 per stock unit. The dividend paid in 2022 was $1.62b/$5.40 per stock unit.
According to the financial statements, interest income in 2023 was $11.9b compared to $10.3b in 2022. Net interest income was $11b in 2023 compared to $9.5b last year. The credit loss expense on financial assets was $711m in 2023 compared to $453m in 2022. Earnings per stock unit was 16.37 for 2023 compared to 14.28 last year.
As 2024 approaches, Baptiste said that Guyana’s economic landscape “remains promising with opportunities”. He added that Republic Bank is “well positioned to embrace the future and our commitment to innovation, customer satisfaction, sustainability, and responsible banking will guide our forward plans…”
He welcomed Parasram Salickram and Natalia Seepersaud to the Board.
