Republic Bank earns $2.7B in 2018

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Republic Bank Guyana Limited (RBL) has revealed that its profit before taxation for the year 2018 was a staggering $4.664 billion, and its net income for that same year was a whopping $3.134 billion.

This is an increase of 14.4 per cent over the $2.738 billion the bank had earned in 2017.

This achievement came even as the bank navigated what it termed a “challenging external environment” that resulted in various amounts of money disappearing from the accounts of many customers.

In his Director’s Report, Managing Director of Republic Bank Guyana Limited, Richard Sammy, said normal banking operations accounted for $2.951 billion. He attributed these increased earnings to the sale of the bank’s fixed assets.

“Against a challenging external environment, the bank focused on improving its operational efficiency by aggressively managing costs, restructuring workflow processes, and reviewing systems and procedures,” Sammy reported.

“A key project, which commenced in 2018 and will be completed in 2019, is the information Technology Consolidation initiative that will harmonise the bank’s IT platforms with other members within the Republic Group, ultimately advancing our technology and improving our product and service offerings to our customers,” the Managing Director noted.

Of recent, Republic Bank has had to contend with customers complaining of millions of dollars going missing from their accounts. Some customers even took to social media to call the Bank out over the discrepancies.

Last month, RBL publicly confirmed that the monies were indeed missing, after previously denying knowledge of the reports.