The New Building Society (NBS) registered a profit of $679.8m for 2023, down by 27% from the 2022 mark.
According to the financial statement for the mortgage institution published in yesterday’s Guyana Chronicle, the 2022 profit was $931.8m.
Interest income on loan assets moved from $2.6b in 2022 to $2.8b last year. Interest expense climbed from $1.2b in 2022 to $1.4b last year.
What would have made an impact on its bottom line was fees and commission income. This figure was $562m in 2022 but was nil for 2023.
Its cash resources declined from $20.6b in 2022 to $16.2b last year. Its loan assets zoomed upwards from $49.5b in 2022 to $64.5 last year. This is 71% of total assets.
The NBS will hold its 84th Annual General Meeting on Saturday April 13th at 10.30 am at the Society’s Chief Office at Lot 1 North Road, according to a separate notice in the Guyana Chronicle.
Among the agenda items is the approving of the sum of $8m for donations to charity and for educational purposes for the year 2024.
