Republic Bank records hefty half-year profit

Jun 02, 2011 News

Republic Bank (Guyana) yesterday began mailing to its stockholders cheques reflecting an interim dividend of $0.9167 per stock unit. This payout is based on the bank earning an unaudited after tax profit of $1.105 billion for the first six months ending March 31, last.
The half-year takings reflect an increase of $71 million, or 6.9 per cent compared to the similar period last year.
Correspondingly, the bank’s 2011 interim dividend shows a 10.45 per cent increase over the $0.83 per cent of the similar period last year.
The half-year profit of $1.105 billion not only exceeds that of the corresponding period of $1.034 billion, but also makes it set to surpass the 2010 whole year after tax takings of $1.982 billion. Based on the growth between the first three months of the current financial year and the six months at March, such a projection can be deemed fairly reliable barring unforeseen circumstances.
For the first three months of the 2011 financial year, profit after taxation stood at $588 million, and that figure almost doubled three months later to $1.105 billion marking the end of six months.
Overtaking the previous financial year’s profit after tax has become the norm in the bank’s annual statements. In 2009 the net annual takings after tax was $1.821 billion; $1.559 billion in 2008; $1.144 billion in 2007; $1.028 billion in 2006; and $790.968 million in 2005.
Total assets for 2011 moved up by $11.1 billion, or 11.9 per cent from $93.086 billion at the 2010 half year to $104.146 billion for the six months this year.
The company, which has 11 branches, carries an average number of stock units of 300 million, and earnings per stock unit for the six months period was $3.68. This is compared to the $3.45 for the same period last year.
“Your directors remain confident that once the economic, social and political climate remains stable, the bank’s performance during the latter half of the fiscal year will continue at a satisfactory level,” Republic Bank’s Chairman of the Board of Directors, David Dulal-Whiteway stated in his half year message to stock holders.
The Chairman expressed similar confidence in the company’s future growth at the end of the 2010 financial year.
The company has a history of banking in Guyana since 1837 as the British Guiana Bank. It was sold in 1913 to the Royal Bank of Canada, whose assets and liabilities were vested in the National Bank of Industry and Commerce in 1984. It became a subsidiary of Republic Bank Limited of Trinidad and Tobago in 1997, and changed its name to Republic Bank (Guyana) Limited in 2006.

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Republic Bank records hefty half-year profit

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