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Citizens Bank increases revenue in 2014
Citizens Bank (Guyana) Inc. has recorded an increase in its revenue for 2014, earnings per share is now $16.63 and net interest income increased from $2.15 billion in 2013 to $2.37 billion in 2014.
Group Chairman Clifford Reis stated that the Bank is a 51% owned subsidiary of Banks DIH and its revenue increased from $3.010 billion to $3.217 billion. Profit after tax was $989.1 million compared to $1.004 billion in 2013.
Group Chairman Clifford Reis
The Total Assets increased from $40.7 billion to $42.1 billion – $1.4 billion or 3%. Loan Assets increased by 22% over the previous year by $5.2 billion from $23.7 billion to $28.9 billion. Customers’ deposits declined from $34.2 billion to $33.2 billion by $1 billion.
In the report, the Chairman remarked that 2014 was a challenging year, but the company’s varying efforts had yielded an acceptable result.
“The recently concluded financial year, was challenging for our company in many respects, but as a result of prudent decision-making and the implementation of cost saving measures and strict financial controls, we have produced a result which even down on the previous year’s results, can be considered as acceptable. Even though the economic data suggests that the global financial situation may be recovering in some areas, uncertainty and fear have now taken their place on the agenda of legitimate concerns which are affecting economic results across the globe and locally,” Reis stated.
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