Latest update January 8th, 2025 4:30 AM
Latest News
- ‘Our Stabroek Block estimate is higher than Exxon’s 11B barrels figure’ – Hess CEO
- Exxon to focus on exploring and appraising more of Stabroek Block before licence expires in 2027 – Routledge
- ‘All hell will break out’ if Gaza hostages aren’t released’—Trump warns
- Chinese company sitting on US$16B worth of gold at Guyana’s Aurora Gold Mine
- Guyana records 60% increase in workplace deaths in 2024 – Labour Minister
Demerara Bank rakes in $500M profit for first half
– says wireless Point-of-Sale a big hit
By Leonard Gildarie
Demerara Bank Limited (DemBank) has announced robust growth with
DemBank, raking in over $500M in the first half of its financial year, says that it mobile Point-of-Sale device has been one of the highlights of the bank’s products and services in recent times.
net profits of over $500M for the first half of its financial year, officials say.
According to bank managers, the financial institution, which has described itself as Guyana’s first truly indigenous bank, has performed remarkably well in all areas of performance during the first half of the year ended March 31, 2012.
The bank is reporting Profit before Taxation of $719M against profit of $631M in 2011, an increase of 14% whilst Net Profit increased from $455M to $501M; an increase of 10% over corresponding half year of October 2010-March 2011.
“These significant improvements are reflected in its deposit base which is at its highest at $33.5 billion, registering a rise of 16% when compared to the 2011 corresponding year. Investment increased by 17.1% to $13.7 billion while loans and advances grew by 17%.”
DemBank’s listing of its assets for the half year ended March 31, 2012 totalled $39.8 billion compared with $34.7 billion at the end of March 2011. Its interest earned on income for the period under review totaled $1.7 billion representing interest earned on both loans and advances and investments. This compares with earned interest totaling $1.0 billion during the preceding period.
According to bank officials, as a consequence of the Bank’s solid performance for the first half of the year, shareholders’ earnings per share increased by 10.4%, to $2.23 per share.
Meanwhile, speaking on some of its strides in the first half of its financial year, which runs from October 2011 to September 2012, officials of the bank said that one of the highlights was the launching of the institution’s Wireless Point-Of-Sale device.
The once stationary device which allows for debit cards to be used are now mobile and many companies, including supermarkets, retail businesses and restaurants are catching on fast and using them.
“Demerara Bank has shown great fortitude over the years and it is the first bank to introduce such a device to its customers. This has followed nicely with its line of first timers. Demerara Bank is the first indigenous bank in Guyana; it was the first bank to launch a real-time ATM; first to launch internet banking and the first to open a bank on the East Coast of Demerara.”
Demerara Bank first opened for business on October 31, 1994. To date, the bank has six branches across the country.
The last financial year, the bank amassed a $984M net profit, its highest to date.
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
The Horse Racing Authority Bill will solve nothing!
Peeping Tom… Kaieteur News- The Horse Racing Authority Bill of 2024, though ostensibly aimed at regulating horse racing... more
Forget Begging Rich Nations: Caribbean Countries Should Act to Save Themselves
By Sir Ronald Sanders Kaieteur News- It has long been evident that the world’s richest nations, especially those responsible... more
Weekend Cartoon
