Republic Bank earns $2.7B in 2018

first_img2018 Annual Report– despite challenging external environmentRepublic Bank Guyana Limited (RBL) has revealed that its profit before taxation for the year 2018 was a staggering $4.664 billion, and it net income for that same year was a whopping $3.134 billion. This is an increase of 14.4 per cent over the $2.738 billion the bank had earned in 2017.Republic Bank Guyana LimitedThis achievement came even as the bank navigated what it termed a “challenging external environment” that resulted in various amounts of money disappearing from the accounts of many customers.In his Director’s Report, Managing Director of Republic Bank Guyana Limited, Richard Sammy, said normal banking operations accounted for $2.951 billion. He attributed these increased earnings to the sale of the bank’s fixed assets.“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,” Sammy reported.“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,” the Managing Director noted.Of recent, Republic Bank has had to contend with customers complaining of millions of dollars going missing from their accounts. Some customers even took to social media to call the Bank out over the discrepancies.Last month, RBL publicly confirmed that the monies were indeed missing, after previously denying knowledge of the reports. After several customers had reached out to Guyana Times about their missing money, a call to the Bank by this publication was met with denial by one of its managers.One customer related to this newspaper that he had visited the Republic Bank Automated Teller Machine (ATM) at Vreed-en-Hoop, West Coast Demerara to do a transaction, but he received a notice saying there were insufficient funds to honour the requested amount.He said this prompted him to conduct a balance inquiry, and to his astonishment, his account only had $9000. The customer said he was left speechless, since he was aware that his account had over $140,000.The customer noted that he went to the bank and made a report, and was given a dispute form to fill out. He said he was advised by the teller that the investigation process for such a claim takes between 60 to 90 days.According to the customer, he was also informed that the matter has to be investigated by the bank’s Trinidad branch.The customer had expressed dissatisfaction with the response from the bank, adding that when he enquired about reimbursement, he was not given positive feedback.Meanwhile, another customer said that he, too, was left shocked when he realised that $2 million had gone missing from his account. He said an inquiry revealed that money was deducted from his account to pay for several online purchases.Another customer revealed that she had gone to the ATM and found that $60,000 was missing from her account, and she went right away to the bank. She said she also was given a dispute form to fill out.The young lady criticised the bank for not being honest with its customers about the hacking incident.It is understood that several of these customers have since had their monies returned to them, with the bank implementing improved security features for online transactions involving the international Visa card.last_img read more

Should I continue farming?

first_imgShare Facebook Twitter Google + LinkedIn Pinterest By Chris Zoller, Ohio State University Extension Educator, ANR-Tuscarawas County It’s no secret that all of agriculture is suffering from years of low commodity prices and rising input costs. The economic struggles have affected you financially and physically. You’ve looked at the numbers, met with advisors, and talked to family. The thought of selling part or your entire farm brings with it added worry and concern. What can you do? Find someone you trust and with whom you feel comfortable discussing your situation. This person may not have many answers to your questions, but they can listen to your frustrations and worries. They may be able to help you sort through the confusion and develop a course of action. Think of your situation as a picture — a set of eyes looking at the picture from the outside may see things you can’t because you are caught up in the picture. Understand that you are not alone. Nearly every farm and farm family is in a similar situation. Don’t live in the past or dwell on what could or should have been done. Take control of the situation and develop a plan for managing the things you are able to control.Assessment Evaluate your financial position by meeting with your lender to discuss options for restructuring debt. Can you extend the repayment terms to provide more cash flow? Contact your Extension Educator about completing a FINPACK analysis (https://farmprofitability.osu.edu/).What are your specific, measurable, attainable, rewarding, and timed (SMART) goals? How are your goals similar and different from those of family and/or business partners? Develop a list of your education, experiences, and skills. How can you use these in another career? What career opportunities fit you best?Evaluation If you come to the decision that selling all or part of your farm is the best option, there are several items to address. Begin with a balance sheet and other financial information to understand your present financial situation. Doing so will help you decide how much money (and approximate number of assets) you must sell. You may want to meet with an appraiser, auctioneer, or real estate professional for help determining the expected value of assets.Professionals Your attorney can answer questions and advise you about legal considerations related to a sale. An accountant will help minimize your tax liability and give an estimate of what you may expect to pay in taxes.Help is available There are people and agencies/organizations that can help with the transition and the emotions that come with the sale. Clergy, licensed counselors, and medical professionals can help you cope. Other sources of help include: Ohio State University Extension (extension.osu.edu) National Suicide Prevention (1-800-273-8255) National Alliance for Mental Illness (1-800-950-6264) Ohio Workforce Training (ohio.gov/working/training) Ohio Job & Family Services, Office of Workforce Development (jfs.ohio.gov/owd)Additional information Coming to the decision to sell all or a part of your farm is not an easy decision. Find someone with good listening skills. Talk to professionals, reach out for help, get answers, and make the best possible decisions. More information about this subject is available at https://ohioline.osu.edu/factsheet/anr-71.last_img read more

Opposition cries foul as Punjab govt. appoints 6 MLAs as advisers to CM

first_imgThe decision of the Punjab government to appoint six Congress legislators as Minister-rank advisers to Chief Minister Amarinder Singh has come under severe criticism from the Opposition parties, which on Tuesday accused the government of overburdening the State exchequer.Five of the MLAs appointed by the government are in the rank and status of Cabinet Minister while one is in the rank and status of Minister of State.Demand for withdrawalLeader of the Opposition and Aam Aadmi Party MLA Harpal Singh Cheema warned that if the decision is not immediately withdrawn, the party will explore legal remedies as the move is an attempt to “bypass the constitutional cap on the size of the State Cabinet”.“When Punjab is already struggling with huge debt burden, giving Cabinet Minister-level amenities to MLAs will bring great loss to the public exchequer,” he said.“We are exploring legal remedies if the State government does not immediately take its decision back,” added Mr. Cheema.The five MLAs in Cabinet Minister-rank are Kushaldeep Dhillon (Faridkot), Amrinder Raja Warring (Gidderbaha), Sangat Singh Gilzian (Urmar), Inderbir Bolaria (Amritsar) and Kuljit Nagra (Fatehgarh Sahib). Tarsem Singh (Attari) has been accorded the rank of Minister of State.The Shiromani Akali Dal also condemned the Congress government for burdening the State exchequer. Former Minister Bikram Singh Majithia said “it seems the Congress is trying to save its government from collapse and has in this process decided to fritter away the scarce resources of the State to its partymen”.“This amounts to daylight robbery of the State exchequer. With the latest addition, the total number of political appointees in the State government have risen to 26. What’s the logic of the move except to fatten its legislators at the exchequer’s expense,” said Mr. Majithia.Claiming that the appointments were illegal and against constitutional norms, he said: “Legislators can’t hold office of profit which these appointments are.”BJP’s national secretary Tarun Chugh told reporters that the decision was an attempt to circumvent the Constitution (91st Amendment) Act, 2003. Mr. Chug said that under the law, the strength of Ministers cannot exceed 15% of the total members of the House. With Punjab Assembly having 117 MLAs, the maximum strength of the Council of Ministers can be 18, and including the CM, the State already has 17 Ministers.last_img read more