Dem. Bank profits hit $2.5B mark

Oct 18, 2014 News

Demerara Bank Limited has recorded its best year yet, recording the highest profit in its history. According to the bank, it has performed remarkably well in all areas during its financial year ended September 30, 2014.

Twenty years after opening its doors, Demerara Bank has recorded its highest profits ever, touching the $2.5B mark.

The bank is reporting profit before taxation of $2.544B, an increase of 30% over the previous year, whilst net profit rose by 29%.
The outstanding performances, the bank said, are reflected in the deposit base which is at its highest at $45.6B, registering a rise of 10% when compared to the 2013 corresponding year. Total loans and advances moved from $18.6B to $22.4B billion, showing a rise of 20.8% over the previous year. The investments of the bank have remained constant at $20.8B.
According to Demerara Bank, its listing of its assets for the financial year totaled $55.8B compared with $49.8B at the end of September 2013.
“Its interest earned on income over the past year totaled $3.3B representing interest earned on both loans and advances and investments. This compares with interest earned totaling $2.7B during the preceding year.”
Gross non-performing loans which were $1.097B as at September 30, 2013 have significantly reduced to $375M; showing a decrease of 65.8% over the previous year.
“As a consequence of the bank’s solid performance over the past financial year shareholders’ earnings per share has increased by 28.8% to 3.71 per share. The net worth of the bank has increased from $6.5B to $7.9B, an increase of 21.3% over the previous year.”
According to Demerara Bank, it will be celebrating 20 years of existence on November 21, 2014, over the years showing great fortitude.
“At present, the bank has a network of five branches and its head office and is planning to expand its network to include a spacious corporate office by early 2015.”
According to the bank, the solid performance over the last financial year was also due to the commitment and dedication of Chairman, Directors of the Board, and the management and staff. “Our major assets are our human capital. We continue to provide training at all levels at the bank which will take us to greater heights in the future with an expanded network of branches.”
Demerara Bank, which describes itself as Guyana’s first indigenous commercial bank, opened for business on November 21, 1994.
“DBL is the only fully owned Guyanese bank and the youngest bank among all the commercial banks in Guyana, and to reach a landmark of $2.544 billion in profit is really an outstanding achievement for the bank.”