Republic Bank (Guyana) Limited’s half-year after tax profit has risen this year by a whopping 42.7% compared to last year.
This is according to the bank’s unaudited half year financial statements published in yesterday’s Stabroek News.
In his statement, Chairman of the Bank, Nigel Baptiste said that the institution recorded an after-tax profit of $3.268b for the half year ended March 31st, 2024. This reflected an increase of $978m or 42.7% when ranged against last year’s figure of $2.29b.
He said that the increased profitability was mainly the result of increased net interest income. Total assets of the Trinidad-headquartered bank grew by $51.3b or 18.6% and customers’ deposits rose by $48.3b or 20.3% year-on-year.
As a result, the bank’s directors have approved an interim dividend of $2.42 per stock unit, a hike of 38.1% over last year’s interim dividend.
“As we enter the second half of fiscal year 2024, your Bank remains optimistic that economic developments and successful execution of projects in key sectors will serve as catalysts for further improvement”, Baptiste said.
According to the figures, net interest income jumped from $5.4b for the six months ended March 31, 2023 compared to $6.28b up to March 31st this year.
The tax paid last year was $1.565b compared to $2b this year.
The credit loss expense on financial assets was $466m for last year but $631m this year.
Earnings per stock unit amounted to 7.63 last year compared to 10.89 this year.
