Looking Forward Annual Report 2019 with Purpose

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Looking Forward Annual Report 2019 with Purpose 1 LOOKING FORWARD ANNUAL REPORT 2019 REPORT ANNUAL ANNUAL REPORT 2019 WITH PURPOSE 2 1 In our two centuries of operation, LOOKING FORWARD we have always stayed the course. 2019 REPORT ANNUAL WITH PURPOSE Our true north is delivering value REPUBLIC BANK (GUYANA) LIMITED REPUBLIC BANK (GUYANA) to all our customers and communities while maintaining a profitable outlook. It has taken strategy to navigate the current financial times. Every member of our team is on board to unite our experience and insight to achieve our goals. With all hands on deck, we are working to provide better and better customer experiences facilitated by innovation and technology. As we expand throughout the region, we bring the Republic Bank brand to new horizons in service to wider communities. And our vision is achieved. Our purpose is fulfilled. We are contributing to better livelihoods, better lifestyles and an outcome that profits us all. We are on the leading edge of driving business and giving our shareholders more, taking pride in playing our part in transforming lives for the better. 2 3 OUR VISION Republic Bank, the Caribbean Financial 2019 REPORT ANNUAL Institution of Choice REPUBLIC BANK (GUYANA) LIMITED REPUBLIC BANK (GUYANA) for our Staff, Customers and Shareholders. We set the Standard of Excellence in Customer Satisfaction, Employee Engagement, Social Responsibility and Shareholder Value, while building successful societies. OUR MISSION Our mission is to provide Personalised, Efficient and Competitively-priced Financial Services and to implement Sound Policies which will redound to the benefit of our Customers, Staff, Shareholders and the Communities we serve. OUR CORE VALUES Customer Focus Integrity Respect for the Individual Professionalism Results Orientation 4 THE BANK AT A GLANCE 5 Established in 1836, Republic Bank (Guyana) Limited is one of Guyana’s longest-serving institutions and is ABOUT US a recognised leader in the provision of financial services. Over the past year, the Bank has concentrated on SHARE PRICE OPERATING BRANCHES growing its lending portfolio, with particular emphasis on small and medium enterprises. The Bank remains $ committed to providing customised, efficient and competitively priced financial services, and to maintaining a 2019 450 Anna Regina philosophy of social investment in Guyana. 2019 REPORT ANNUAL Vreed-en-Hoop Diamond 2018 $208 Camp Street New Amsterdam REPUBLIC BANK (GUYANA) LIMITED REPUBLIC BANK (GUYANA) Water Street Rose Hall Triumph Linden D’Edward DIVIDEND YIELD Corriverton TOTAL ASSETS($BILLION) PROFIT BEFORE TAX($MILLION) 200 6,000 % 2019 1.15 5,974.3 Lethem 180.2 4,664.6 % 5,000 4,302.4 2018 2.06 168.2 4,228.8 4,260.9 150 151.6 146.2 142.4 4,000 EPS 100 3,000 $ 2019 12.82 2,000 $ SOURCES OF REVENUE 50 2018 10.45 Loans & Advances 1,000 64% 0 0 Foreign PE RATIO Business ‘19 ‘18 ‘17 ‘16 ‘15 ‘19 ‘18 ‘17 ‘16 ‘15 2019 27.3 11 % 2018 19.9 NETWORK Other Investments 15% 10% 49 Through our social investment initiative, the Power to Make A Difference, 12 branches ATMs we have formed powerful connections across Guyana within the communities we serve with the aim of safeguarding the welfare and ensuring the sustainable success of this beautiful nation. For more than a decade, through relationships with Non-Governmental CORPORATE Organisations (NGOs) and Community Based Organisations (CBOs), we 655 32 have worked together to; support healthcare programmes and disability awareness initiatives; provide opportunities for young people to realise employees financial products SOCIAL their truest potential through sport, education, culture and the arts; & services and raise the bar for community investment through a wide-reaching, RESPONSIBILITY comprehensive staff volunteerism programme. 6 TABLE OF CONTENTS 7 Notice of Meeting 8 Our team is fully on board with charting CORPORATE Corporate Information 9 CORPORATE a course for delivering value to stakeholders INFORMATION Bank Profile 10 Financial Summary 12 INFORMATION across the region. We are poised to push 2019 REPORT ANNUAL Financial Highlights 13 ahead in changing financial times. REPUBLIC BANK (GUYANA) LIMITED REPUBLIC BANK (GUYANA) Board of Directors 16 BOARD OF Directors’ Report 20 DIRECTORS Chairman’s Review 22 Managing Director’s Discussion and Analysis 25 & MANAGEMENT Senior Management 36 Management 37 Statement of Corporate Governance Practices 42 CORPORATE SOCIAL Power to Make A Difference 46 RESPONSIBILITY Financial Reporting Requirements 52 FINANCIAL Independent Auditors’ Report 54 STATEMENTS Statement of Financial Position 58 Statement of Income 59 Statement of Comprehensive Income 60 Statement of Changes In Equity 61 Statement of Cash Flows 62 Notes to the Financial Statements 64 8 NOTICE OF MEETING CORPORATE INFORMATION 9 ANNUAL MEETING REGISTERED OFFICE DIRECTORS REGISTERED OFFICE NOTICE is hereby given that the Thirty-fifth Annual General Meeting 155-156 New Market Street Chairman Promenade Court of Republic Bank (Guyana) Limited will be held at Pegasus Hotel North Cummingsburg President and Chief Executive Officer, 155-156 New Market Street Guyana, Seawall Road, Monday, December 9, 2019 at 15.00 hours Georgetown, Guyana Republic Financial Holdings Limited North Cummingsburg (3:00 p.m.) for the following purposes: Nigel M. Baptiste, BSc (Hons.) (Econ.), MSc (Econ.), ACIB Georgetown, Guyana 2019 REPORT ANNUAL • Only stockholders may attend South America 1 To receive the Report of the Directors and the Auditors • Any member entitled to attend and to vote is entitled to appoint Managing Director Tel: (592) 223-7938-49 REPUBLIC BANK (GUYANA) LIMITED REPUBLIC BANK (GUYANA) and to approve the audited accounts for the year ended a proxy to attend and vote instead of him/her. Amral F. Khan, Dip. (Business Mgmt.) BSc (Industrial Mgmt), MBA Fax: (592) 233-5007 September 30, 2019. • A proxy need not be a member of the Company. The instrument Email: [email protected] 2 To re-elect three Directors to fill offices vacated by those retiring appointing a proxy must bear a G$10 revenue stamp and be Non-Executive Directors Website: www.republicguyana.com from the Board by rotation in accordance with the By-Laws deposited at the Registered Office of the Company not less John G. Carpenter, AA, BSc (Food Sciences) namely: Yolande M. Foo, Roy E. Cheong and Richard M. Lewis. than 48 hours before the time for holding the meeting. Roy E. Cheong, AA, FCII, FLMI, CLU ATTORNEYS-AT-LAW 3 To elect Amral F. Khan who was appointed to fill a casual • Any Corporation which is a member of the Company may, by Yolande M. Foo, AICB Messrs. Cameron & Shepherd vacancy as Director in accordance with the By-Laws. resolution of its Directors or other governing body, authorise Anna-María García-Brooks, Dip. (Mass Media and Comm.), 2 Avenue of the Republic 4 To reappoint the Auditors, Messrs. Ram & McRae. such person as it thinks fit to act as its representative at the Dip. (Business Mgmt.), EMBA Robbstown meeting (By-Law 86). Shameer Hoosein, FCCA Georgetown, Guyana And the following special business namely: Richard M. Lewis, HBA South America 5 To consider and if thought fit, pass resolutions relating to: Richard I. Vasconcellos a Dividends; AUDITORS b Directors’ service agreements providing for their Corporate Secretary Messrs. Ram & McRae remuneration; and Christine A. McGowan, LLM (Merit), LLB (Dist.), LEC (Hons.), AMLCA, CPAML Chartered Accountants c Remuneration of the auditors. 157 ‘C’ Waterloo Street 6 To consider any other business that may be conducted at an North Cummingsburg Annual General Meeting. Georgetown, Guyana South America By order of the Board CHRISTINE A. MC GOWAN Corporate Secretary October 21, 2019 BANK PROFILE 10 11 SENIOR MANAGEMENT Manager, Information Technology LINDEN BRANCH Managing Director Yonnette Greaves, Dip. (Mgmt. Info. Systems) LIMIS Manager Amral F. Khan, Dip. (Business Mgmt.), BSc. (Industrial Mgmt.), MBA Jannis London, Dip. (Bkg.), B Soc Sc (Mgmt.), AICB, MBA Assistant Manager, Information Technology General Manager, Credit Yugisther Mohabir, MCSA NEW AMSTERDAM BRANCH 2019 REPORT ANNUAL Parbatie Khan, Dip. (Business Mgmt.), MBA, ACIB Manager Manager, Internal Audit Imran Saccoor, Dip. (Marketing), MBA REPUBLIC BANK (GUYANA) LIMITED REPUBLIC BANK (GUYANA) General Manager, Operations Oral Rose, Dip. (Marketing), B Soc Sc (Dist.) (Mgmt.), AMLCA Denise Hobbs, Dip. (Business Mgmt.) ROSE HALL BRANCH Manager, Legal Services Manager Christine McGowan, LLM (Merit), LLB (Dist.), LEC (Hons.), AMLCA, CPAML Doodmattee Bhollaram, AICB, Certified Credit Professional HEAD OFFICE DEPARTMENTS Manager, Branch Operations Manager, Marketing and Communications TRIUMPH BRANCH Jadoonauth Persaud, Dip. (Bkg. and Fin.), MBA Michelle Johnson, MCIPR, MACC (Dist.), PG Dip. CIPR, B Soc Sc Mgmt. (Credit) Officer-in-Charge Bibi Shaliza Hussain, AICB, Certified Credit Professional, MBA Assistant Manager, Branch Operations Manager, Special Unit Gail Harding, AICB Karen Assanah, AAT, AICB, B Soc Sc (Mgmt.) (Dist.), MSc (Fin. Mgmt.), Certified VREED-EN-HOOP BRANCH Credit Professional Manager Manager, Branch Support Services Eon Grant, BComm., AICB Erica Jeffrey, ICB - Letter of Accomplishment BRANCH NETWORK WATER STREET BRANCH Regional Corporate Manager, Corporate Business Centre ANNA REGINA BRANCH Manager Sasenarain Jagnanan, AICB, Dip. (Bkg. and Fin.) Manager Randulph Sears, Business Group Cert. (ICM), Dip. (Marketing), Certified Credit Guitree Ramsamooj, CAT, Certified Credit Professional Professional, Wharton Leadership Programme Certificate, ABA Stonier Graduate School Corporate
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