Republic Bank reporting improvement in bad debts situation

Nov 11, 2017 News

Trinidadian-headquartered Republic Bank (Guyana) Limited has recorded a $35M increase in profits this year, but it’s bad loans figures will continue to be of some concern.
In its published financial statements for the year ended September 30, 2017, the bank reported that its Guyana operations netted $2.738B in profits. This would be an improvement over the previous year’s $2.703B.
While its loan impairment expense net of recoveries dropped this year to $675.7M, from $786.6M (about $110M), it would not be anything to smile about. Banks are reporting that businesses and property owners are facing problems, with quite a number of persons rescheduling their debts.
Republic Bank’s biggest competitor, the Guyana Bank For Trade and Industry, suffered a major fraud this year of almost $1B, that will likely impact its performance.
Republic Bank’s retained earnings have risen to $14.1B from $13.26B. The bank’s interest income has risen also from $7.67B to $7.70B, with other income amounting to $2.5B as compared to $2.3B the previous year.

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