Demerara Bank’s pre-tax profit increases to $2.4B

May 03, 2023 News

Kaieteur News – Demerara Bank Limited has announced its interim results for the period ended March 31, 2023. The bank reported positive growth in all key banking parameters, which it attributed to the positive economic developments in all sectors of the economy, as well as the ongoing execution of its growth strategies and diversification plan to support the growing needs of the economy.

According to the unaudited results that were published today, the bank’s Pre-Tax Profit increased to $2.443 billion, compared to $2.369 billion for the corresponding period. Its Net Profit After Taxation showed a growth of 9%, rising from $1.402 billion to $1.524 billion over the said period.

The bank’s Loans & Advances portfolio increased by 21% to $60 billion, while its Deposits also showed an increase of 21% from $101.4 billion in March, 2022 to $122.7 billion in March, 2023. This shows aggressive deployment by the bank to ensure resources are made available in key areas such as manufacturing, agriculture, housing and forestry; supporting the growing needs of the private sector and Guyanese. The bank also seems prudent in lending as it continues to maintain a zero non-performing loan position which is remarkable taking into consideration the aggressively deployment of financing.

Demerara Bank’s capital adequacy ratios and liquidity metrics continue to be well above regulatory requirements, indicating prudent management of its assets and liabilities, while its earnings per share increased by 9% from $6.23 to $6.77 per share. Based on the performance, the Board of Directors declared an interim dividend of $0.45 per share compared to $0.40 paid last year.

Mr. Komal Samaroo, Chairman of the bank, stated, “We are delighted with our interim results, which reflect our commitment to providing value-added products and services to our clients. Our strong performance is a testament to the positive developments in the economy’s core industries, and we remain committed to supporting these sectors with financing solutions.”

He added, “Looking ahead, we remain dedicated to delivering value to our customers and shareholders through continued investment in our people, technology and infrastructure.

We believe that our strong financial position, combined with our focus on innovation and customer-centricity, will enable us to continue to grow and prosper in the years to come.”

billion, Demerara Bank Limited, Deposits, Pre-Tax Profit, requirements

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Demerara Bank’s pre-tax profit increases to $2.4B

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