Republic Bank (Guyana) has recorded an after-tax profit of $1.8 billion for the financial year, $262 million over last year’s figure. According to the bank’s recently released annual report, during the year, which ended on September 30, it recorded a 2.06 per cent return on assets and a return on equity of 25.89 per cent. The bank also saw its earnings per share increase from $5.20 to $6.07. The report said “prudent risk management, sound investment and lending decisions and rigid cost controls were largely responsible for the excellent performance in the context of the present global financial crises.”

Republic Bank (Guyana) Ltd is a subsidiary of Republic Bank Ltd (RBL) and, by extension, a member of the Republic Group. Managing director Edwin Gooding, in his report, said: “The bank has achieved another commendable performance, recording growth in both our asset base and profitability in a year characterised by the uncertainties, which linger on after the crises in the global financial system.” Gooding said the bank focused much of its attention on its key objectives of “ensuring a consistently high level of customer satisfaction and employee engagement, growing our revenues and controlling our costs, while maintaining our leadership position in corporate social responsibility.”

According to him, this is done through the Power to Make a Difference, Republic Bank’s signature social investment initiative. In 2009, the bank incurred expenses of $91.18 million related to loan-loss provisioning against a write-back of $17.56 million enjoyed in 2008. According to the report, “This reversal in performance is due to the bank adopting a very prudent position, especially on its unsecured consumer lending portfolio.” Recoveries on loans that were previously written-off amounted to $132.04 million in 2009. In 2008, the bank recorded $103.12 million in this category.