Republic Bank (Guyana) Limited is one of Guyana’s longest-serving institutions and is a recognised leader in the provision of financial services. On October 13, 1997, Republic Bank Limited of Trinidad and Tobago became Majority Shareholder after purchasing 47.5 percent shares from the government and National Insurance Scheme and 3.5 percent from individuals. On June 5, 2006, the official name of the Bank (National Bank of Industry and Commerce) was re-branded to Republic Bank (Guyana) Limited.
According to Republic Bank’s 2020 Annual Report, Profit after tax of $3.49 billion representing a 9.13 percent decrease below prior year results was recorded (2020 Annual Report, RBL). The company’s profitability has been improving on a yearly basis since 2016 with the only downturn being experienced in 2020. This decrease was primarily due to the devastating impact of the COVID-19 pandemic which limited the growth of core banking operations.
There was an increase in the price at which the Bank’s stock traded on the Guyana Stock Exchange with a spread of 45.16 percent between the highest price of $450 and lowest price of $310 with an average weighted price of $370 per stock unit. In terms of volume, most trades were done at a unit price of $350. Earnings per stock unit amounted to $11.65, a decrease from $12.82 in 2019 (2020 Annual Report, RBL).
Additionally, an interim dividend of $1.00 per stock unit ($300 million) was paid during the year (2020 Annual Report, RBL).
For the year 2021, Republic Bank’s stock price was recorded at $400 on the first trading day in January. As at the last trading day, October 18, 2021, the stock price has risen to $524, representing an increase of 31 percent thus far (GASCI, 2021).
Despite, the pandemic and testing economy, Republic Bank (Guyana) Limited continues to innovate in anticipation of customers’ demands with upgrades to its information technology infrastructure. Customers can now conduct banking using their mobile phones, Points-of Sale (POS Systems) and Automated Teller Machines (ATMs) for international transactions and real time credit card payments. As demonstrated by the Bank’s bold transition to an enhanced banking platform, Republic Bank continues to place strong emphasis on improving its technological infrastructure which bodes well for future growth.