Demerara Bank Limited registers 32% profit for half

Apr 25, 2014 News

Demerara Bank Limited has continued its excellent run in terms of performance, recording a 32% increase in its profits after tax for the first six months of its financial year.

Demerara Bank Limited has recorded a 32% increase in its profits after tax for the first six months of its financial year00

Bank officials yesterday disclosed that it made $577.6M in 2013 for the first half that ended on March 31st.
Major growth was especially due in the areas of loans and advances which increased to $19.7B from $16.0B, representing a 23% rise when compared to the 2013 financial year. Investments increased to $19.1B from $18.1B.
The deposit base of the Bank also showed encouraging signs of growth to $40.4B from $38.3B.
Demerara Bank’s net assets for the half year totaled $49.5B compared to the $45.7B at the end of March 2013.
Interest earned on income for the period under review totaled $1.6B. This included from both loans and advances and investments. This represented a rise of 23% over the previous half-year.
As a result of the bank’s solid performance for the first half of the year, shareholders’ earnings per share (annualized) increased by 31.5%, to $3.38 per share.
Officials of the banks yesterday pointed out that the tremendous growth coincided with its upcoming 20th anniversary celebrations.
At present, the bank has a network of six branches countrywide with plans underway to further expand and add a bigger head office premises by early next year.
Demerara Bank, which describes itself as Guyana’s first indigenous commercial bank, opened for business in November 1994.