REPUBLIC Bank Guyana Ltd (RBL) achieved a profit after tax of $3.1 billion in 2018, compared to $2.7 billion in 2017.

According to the bank’s 2018 annual report, apart from the normal banking operations which accounted for $2,951.4 million, the increase was due to an extraordinary gain realised from the sale of a fixed asset.

Managing Director of Republic Bank Guyana Ltd, Richard Sammy in his report said 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.

“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,” said Sammy.

Chairman of Republic Bank Guyana Limited, Nigel Baptiste in his report said as Guyana prepares for first oil in 2020, Republic Bank is committed to supporting this emerging sector as well as Government-led initiatives to diversify some of the traditional sectors of the economy.

International Oil and Gas companies are committed to further exploration which will require mobilisation of both foreign and local resources.

“This is expected to bolster positive relationships with Small and Medium Enterprises and further enhance prospects and perspectives of Guyana’s natural resource potential,” said Baptiste.

Republic Bank, he said, remains committed to the long term sustainable development of the financial sector through enabling greater access to affordable financing options across all segments, improved deployment of technological solutions and meeting the market at the point of need, while at the same time supporting opportunities for economic growth.
“A related ongoing focus is the reorganisation of the Credit and Sales functions and the development of the teams to understand, anticipate and meet emerging needs for a much improved customer experience,” said the chairman.