PROFITS OF REPUBLIC BANK Barbados Ltd slipped, but savings by residents rose, according to the bank’s latest financial report.
The subsidiary of Trinidad and Tobago-based Republic Bank Ltd revealed that its after-tax profit for the year ended September 30, 2013 was $17.42 million, a fall of more than 25 per cent from the $25.27 million the institution made in 2012.
The drop in profits came even as interest and other income were in line with the previous year.
The financials of the former Barbados National Bank showed also that Barbadians put an additional $62.86 million into their savings and deposits which reached $1.74 billion.
The audited consolidated financial statements published yesterday showed the bank made $134.11 million in net interest from loans and other income. That was slightly up from the $133.58 million the bank made from these activities.
