Dem Bank predicts below 3 % growth this year

May 11, 2018 News

Despite a tough year, locally-controlled Demerara Bank Limited is reporting a 17 percent profit increase.
In his review, for the half year ended March 31, 2018, Chairman of the bank, Dr. Yesu Persaud, disclosed that the unaudited financials of the bank as at March 31, 2018 were approved by the Board of Directors at its meeting dated April 18, 2018.
Persaud said that the global and local operating environment remained challenging during the period.
“I am pleased to report to Shareholders that the profit after taxation for the half year ended March 31, 2018 was recorded at $907M compared to $774M for the corresponding period of 2017.”
This reflects an increase of 17 percent over the previous half year.
The deposits of the bank increased from $55.4B to $59.4B, an increase of seven percent.
Loans and Advances moved from $24B to $25B.

Dem Bank Chairman, Dr. Yesu Persaud

“The performance of the bank is excellent considering the slowing down in the local economy.
Global growth is projected around 3.4 percent in 2018,” the Chairman predicted.
Guyana’s real growth was 2.1 percent in 2017 and it may remain below three percent this year, he predicted.
The economy has slowed down with the exception of the rice and mining sectors.
The news of the bank’s performance would come at a time when there has been confirmation of poor returns from sugar, bauxite and forestry.
Rice, with new markets in Cuba and Mexico, coupled with high yields, has been doing well this year for farmers.

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