Latest update November 29th, 2024 1:00 AM
Demerara Bank racks up record $2B profit
Demerara Bank has announced its biggest annual profit yet in its 19-year history – almost $2B.
According to officials of the Bank, the $1.957B profit before tax for the financial year ended September 30, will represent a massive 34.51% increase over the 2012 figures.
”Demerara Bank limited has performed remarkably well in all areas of performance during its financial year ended September 30, 2013.”
Net profit rose by 24.1%.
Demerara Bank has touched almost $2B in profit, the highest ever in its 19 years in existence.
The huge performance would be significant as Demerara Bank says it is the youngest in the banking system to reach a landmark figure of almost $2B in profit – an outstanding achievement by any means.
The bank’s significant improvements are reflected in its deposit base which is at its highest at $41.5B, registering a rise of 18.4% when compared to the 2012 corresponding year. Its loans and advances grew by 20.5%.
For the financial year, the bank’s listing of its assets grew to $50B, compared to $42B at the end of September 2012. Its interest earned on income totaled $2.7B earned on loans, advances and investments. This compares with interest earned totaling $2.4B during the preceding year.
As a consequence of the bank’s solid performance, shareholders’ earnings per share increased by 24.1%, to $2.88 per share.
“The net worth of the bank has increased from $5.6B to $6.5B, an increase of 16.1% over the previous year.
“The bank has shown great fortitude over its 19 years of existence. At present, the bank is having a network of six branches, including its head office location and we have plans to expand our network, including a spacious head office premises by 2014.”
Demerara Bank, crediting its performance to the commitment and dedication of the management and staff of the bank, said it continues to provide training at all levels. It opened for business in November 1994.
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