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Citizens Bank records $421M increase in revenue for 2012

Jan 15, 2013 News

Citizens Bank Guyana Inc. recorded an increase in revenue of $421M in 2012. The Banks DIH 2012 Annual Report noted that the 51 per cent owned subsidiary increased its revenue from $2.458 billion to $2.879 billion, an increase of $421.0 million or 17 per cent.
Profit after tax was $922.0 million as compared to $805 million, an increase of $117.0 million or 15 per cent over last year.
Group Chairman, Clifford Reis, said that the improved profitability was due to increased net interest income and prudent management of the Bank’s corporate objectives. The total assets increased by $3 billion from $35 billion.
Loan assets increased by 14 per cent over the previous year to $21.5 billion. Deposits also increased from $30.6 billion to $32.2 billion, an increase of $1.6 billion or five per cent. Earnings per share were $15.5 compared to $13.5 the previous year.
Citizens Bank Guyana was incorporated in 1993 and commenced operations in November 1994 with 70% of its capital stock held by Citizens Bank Limited (Jamaica). Four years later, in 1998, the interest held by the Jamaican company was acquired by local shareholders.
The Bank has four full service branches, providing both retail and corporate banking services.

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