Latest update December 23rd, 2024 3:40 AM
Demerara Bank profits soar by 20 percent
Demerara Bank Limited says that going green with the installation of solar panels has significantly reduced electricity costs.
The announcement would come at a time when the bank has recorded an impressive
Demerara Bank has recorded a 20 percent increase in profits for its financial year ended September 30th, 2017.
performance, of over 20 percent increase in profits, when performance of a number of sectors seems down.
With regards to going solar, the bank noted that following the successful implementation of solar panels last November to its Corporate Office, Camp Street, which allowed the building to be fully powered, it then ventured to do the same at its main branch location at Camp and South Road.
Work has started at its Diamond branch too.
The impact has been positive for the bank with electricity costs significantly reduced.
With regards to the financial performance, the bank in its published accounts, said that the past year ended September 30, 2017, was an outstanding one by any means. The performance was recorded in all areas.
The bank’s profit before taxation is $2.4B, an increase of 19 percent over the previous year. Net profit was 20.6 percent.
The performance, the bank says, would come despite the challenges in the banking environment, DBL said.
The bank’s deposit base was at the highest at $57B, a 7.3 percent increase when compared to 2016.
This would compare favorably to deposit to the banking sector which declined 2.49 at the end of August 2017.
In the lending area, the bank was able to increase this from $24.7B to $25.5B.
Demerara Bank’s listing of its assets at the close of financial year 2017 totaled $70B compared with $64B at the end of September 2016.
There were also marked improvement to the interest earned from investments which went up from $1.56B to $1.66B; an increase of 6.3 percent. Interest income on Loans and Advances marginally increased from $2.15B to $2.19B.
Other income expanded from $422M to $988M, a rise of 133.8 percent. Total interest income rose to $3.9B; 3.7 percent higher than 2016.
The net worth of the bank has increased from $9.3B to $11B, an increase of 19% over the previous year.
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