Demerara Bank Limited in Guyana has reported Gy$1.957 billion in before tax profits for the financial year that ended September 30, an increase of 34.5.1 per cent over the previous year.
In a release, the bank said it performed remarkably well in all areas of performance.
Net Profit rose by 24.1 per cent. These significant improvements are reflected in its deposit base, which is at its highest level, with Gy$41.5 billion, a rise of 18.4 per cent when compared to the past year, while loans and advances grew by 20.5 per cent.
Assets for the financial year totalled Gy$50 billion, compared with Gy$42 billion at the end of September 2012. Interest earned on income [loans, advances and investments] over the past year totalled Gy$ 2.7 billion, Gy$300 million more than the Gy$2.4 billion earned during the preceding year.
As a consequence of the bank’s solid performance over the past financial year, shareholders’ earnings per share increased by 24.1 per cent, to Gy$2.88 per share.
The net worth of the bank has increased from Gy$5.6 billion to Gy$6.5 billion, an increase of 16.1 per cent.
The bank, the only 100 per cent Guyanese- owned and the youngest commercial financial institution in the banking sector, has shown great fortitude over its 19 years of existence, the release said.
“The solid performance over the last financial year was also due to the commitment and dedication of the management and staff of the bank. Our major assets are our human resources.
We continue to provide training at all levels at the bank, which will take us to greater heights in the future with an expanded net work of branches.”
Demerara Bank, which was opened in November, 1994, has six branches across the country and has plans to expand its net work, with a new head office in 2014.
