Despite global recession GBTI reports $536.8M in profits

Aug 13, 2009 News

Despite the global financial crisis that has adversely affected so many countries the Guyana Bank for Trade and Industry Limited (GBTI) has reported an increased after tax profit as against last year.
According to the interim report for the period ending June 30, 2009, the company’s net profit after tax was some $536.84M.
The total income for GBTI was $2.1B whiles its expenses were recorded at $1.4B.
For the corresponding period last year the company recorded a $1.9B in income with the total expenses marginally lower that this year’s—$1.3B.
The profit after tax for 2008 was $474.7M.
This year the company paid some $164.8M in Corporation tax and another $20M in Property Tax.
The cash resources for the company almost doubled from $15.5B for the corresponding period to $29.2B for the corresponding period this year. The investments however plummeted significantly given that in the corresponding period in 2008 it was recorded as $5.8B.
Loans and advances for the company increased this year up to $12.2B as against the $10.6B last year for the corresponding period.
The property and equipment owned by the company also almost doubled up to $4.9B as against $2.8B for the corresponding period in 2008.
On the other half of the Balance sheet, according to the statement, deposits are on an upward trend increasing from $40.4B to $44.9B with other liabilities also on an upward trend almost doubling to $4.5B.
Shareholder equity was still $800M whilst undistributed profit was in excess of $400M with reserves and retained earnings was in excess of $4B.
GBTI has a rich and successful history of over 160 years that began with the establishment of the first commercial bank in British Guiana, the Colonial Bank in 1836; continuing with the operations of Barclays PLC.
In 1987 the assets and liabilities of Barclays PLC were acquired by the Government of Guyana and renamed the Guyana Bank for Trade and Industry Ltd., whose doors opened to the public on December 1, 1987.
In January 1990, GBTI merged with Republic Bank (Guyana) Ltd., formerly Chase Manhattan Bank N. A., and in 1991 the Bank was privatized.
With more than 1,800 shareholders, the majority shareholder of the Bank is Secure International Finance Company Inc. with 61 per cent of issued shares.
Today GBTI has a network of nine branches spanning the country and offers its clients a full range of modern banking services including ATM and Point of Sale facilities and Telephone Banking.
A large network of correspondent banks facilitates international business transactions

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Despite global recession GBTI reports $536.8M in profits

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