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…assets total $84.9B Republic Bank yesterday published, for the benefit of its shareholders, its unaudited last quarter financial statements for the year ended December 31,Connor McDavid Team North America Jersey, 2008. It revealed that the net profit after tax was reported to be some $485M. Some $347M were paid in taxes.The company is seemingly in a strong position, given that it has some $4.9B available in cash resource, while another $9.3B are lodged with the Central Bank as a statutory deposit in the event that the bank experiences difficulties with the deposits of its customers.There is also another $41.5B in investment securities, while another $23.7B are in advances with other assets owned by the bank, seeing the company’s assets at a total of $84.950B.It must be noted that $78.6B of the reported total assets are in Guyana, while the remainder is spread across the Eastern Caribbean and Trinidad and Tobago,Custom Raptors Jersey, among other countries.There is a significant level of liabilities to the company, such as customers’ current savings and deposits, money owed to banks, and net pension liability, among others, to the tune of $79.7B.According to the Chairman of the Board of Directors of the bank, David Whiteway, while the quarter’s performance was commendable, “We remain cognisant of the present global financial crisis and the impact on the next three quarters.”He said that the 37 per cent increase in profits was mainly due to tighter control of the company’s some $728M in operating cost.The news of the record profit comes in light of the recently uncovered fraud at the bank to the tune of some $257M. This was, however,Jason Zucker Jersey, as minuscule and insignificant,Raptors Jersey, given the asset base of the bank, according to Deputy Governor of the Bank of Guyana, Dr Gobind Ganga. Ganga added that a completed report on the fraud is yet to be tendered to the BOG.He pointed out,Alex Song Jersey, however, that sound regulations were in place to ensure the integrity of the bank; but, at the end of the day, any fraud leads back to the human aspect of the transaction.Following the discovery of the fraud, three of the Republic Bank’s officers were relieved of their duties as the police continued to investigate the alleged fraud.The bank’s public relations officer, Jenelle Dummett, had confirmed the dismissals, but could not say definitively if the move had anything to do with the fraud investigations.Investigations into the disappearance of $257M from Republic Bank have led detectives to several banks in Canada.The fraud was reportedly uncovered in November last year. It was being kept under wraps to protect the integrity of the bank.Crime Chief Seelall Persaud told this newspaper that his department was asked to investigate the matter, and following several leads, local sleuths have been seeking the assistance of their counterparts in the Royal Canadian Mounted Police.According to a source, the money was allegedly taken from several accounts, including one operated by the Guyana Public Service Cooperative Credit Union.A senior official at the GPSU Credit Union informed Kaieteur News that he is still awaiting word on the progress of the investigation.He assured that the situation will not affect the operations of the credit union,Dwight Gooden Mets Jersey, since Republic Bank’s records reflect money in the GPSU Credit Union’s account.“We are in the business of lending money, and the bank is still honouring our cheques,Drew Stubbs Rangers Jersey,” the Credit Union official stated.