2019: Another successful year for Republic Bank (Suriname) N.V.

Republic Bank (Suriname) N. V. registered an after tax profit of SRD 46M for 2019, an increase of 31.8% compared to SRD 34.7M in 2018. The increase in profitability is mainly due to increased interest income which was a result of an increase in its loan portfolio and higher yields on its investment portfolio. The loan portfolio increased by 21.7% to SRD 1.39 Billion compared to SRD 1.14 Billion in 2018. In particular, there was significant increase in lending to the personal segment for mortgages, personal loans and car loans, which was the primary driver of the loan growth.

On the funding side, deposits declined by SRD 182M in large depositors balances and this was the main contributor to the asset base declining by SRD 100 Million. The Bank’s equity base increased by 19.7% in 2019 to SRD 298 Million, up from SRD 249 Million the previous year. This contributed to the Capital Adequacy Ratio increasing to 15.15% in 2019, up from 11.70% in 2018.

The profit performance contributed to increased return on average assets which was 1.14% in 2019 compared to 1.03% in 2018 and return on equity which was 15.19% compared with 14.89% the previous year. The efficiency ratio of 58% in 2019 also reflected an improved position from 64% in 2018, reflective of more effective cost management. Asset quality improved with the nonaccrual ratio declining in 2019 to 5.76%, a reduction from 8.95% in 2018.

Republic Bank continued its social investment programme, the Power To Make A Difference (PMAD), and in 2019 the Paramaribo Zoo, ‘s Lands Hospital, Foundation Unu Pikin and primary school Groot Henar in Nickerie collectively have committed project support of SRD 0.8M. Over the past four years, social investment under the PMAD initiative has exceeded SRD 2 Million in education, sport, health and improved infrastructure for the less fortunate.

In 2019 the Bank focused on improving its customer service, expanded staff training, enhanced its cyber security preparedness and renewed its focus on compliance. The main areas of focus for 2020 will continue to be on staff development, customer service and completing projects to improve and introduce a wider range of digital banking services.

The achievements in 2019 could not be possible without our valued clients and hardworking staff. We thank you our valued clients for your tremendous support in 2019 and look forward to our mutual successful collaboration in the future. Management is grateful for the staff commitment to move the Bank to higher levels of performance and achievement.

30-01-2020
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