Demerara Bank records $2.4B in pre-tax profit

May 11, 2022 News

Kaieteur News – Demerara Bank Limited (DBL) reported yesterday that it recorded a $2.4B pre-tax profit. This is according to its unaudited financial results for the first half of the year ended March 31 2022. The bank said the $2.4B pre-tax profit represents an increase of 14% when compared to the interim period of 2021. Profit After Taxation also showed an upward trajectory recording an increase of 7% to $1.4 billion in 2022, up from $1.3 billion that was registered in 2021.
The financial institution said the increased volume of lending across traditional and non-traditional sectors have resulted in a 23% increase in the bank’s loans and advances, from $40.3 billion in 2021 to $49.6 billion in 2022. It disclosed that total deposits increased by 15% to $101.4 billion as compared to $87.9 billion in the previous year, while Net Interest Income showed an increase of 9% to $2.3 billion from $2.1 billion last year backed by increased lending activities.
Capital adequacy ratios and liquidity metrics remain very healthy the bank said, while adding that it also saw a 17% increase in its total assets which grew to $123 billion compared to $106 billion during the period of review.
Additionally, DBL said shareholders’ earnings per share increased by 7% from $5.83 to $6.23 per share. In view of the bank’s performance, the Board of Directors declared an interim dividend of $0.40 per share.
Despite the economic and social challenges globally, the bank said it is determined to take advantage of the opportunities that economic recovery brings by extending its product and service offerings, developing its product platforms, and enhancing its digital capabilities to ensure a seamless delivery of banking services.