Demerara Bank reports 38% net profit growth

Nov 09, 2023 News

– Zero non-performing loans, declares dividend

Kaieteur News – Demerara Bank Limited announced on Monday that it has recorded a remarkable Profit-After-Tax of $4.075 billion for the financial year ended September 30, 2023.

This achievement represents a substantial increase of 38% when compared to the preceding year, solidifying its position as the second most profitable bank in Guyana, the bank said in a press release. The bank’s published financial statements revealed the following notable performance indicators:

The Bank’s Deposit Base reached a historic level of $139.111 billion, representing a 30% increase compared to the previous year.
Total Loans and Advances grew from $58.193 billion to $71.375 billion, reflecting a 22.7 % rise over the prior year.
The Bank maintained its exceptional track record of zero non-performing loans as at the end of the reporting period.
Total Interest Income increased by 25.4% to $7.906 billion.
Demerara Bank’s asset base expanded by 26% to $159.589 billion by the close of the 2023 financial year, compared to the $126.570 billion recorded in the prior year. The Return on Average Assets as of September 30, 2023, was 2.85% which is higher than the industry average.
The Return on Shareholders’ Funds was substantial, recording a 20.6% return for the year ending September 30, 2023. Earnings Per Share also increased from $6.57 to $9.06 per share as of September 30, 2023, indicating an increase of 37.9%.
The Bank maintained a strong Capital Adequacy Ratio well above the prudential benchmark of 8.0 set by the Central Bank.
Declares Dividend of 225%. The Bank has increased its dividend payout from $1.00 per share in 2017 to $2.25 per share, a growth of 125%

Commenting on the published results, Mr. Samaroo, Chairman of the Bank, credited this remarkable achievement to the dedicated efforts of the staff and the strategic decisions made at the leadership level. He said this performance highlights the resilience and dedication of the Bank to deliver nothing but excellence to their stakeholders especially given the uncertainties in the current economic landscape. Mr. Dave, CEO of the Bank, remarked how thrilled he is with the Bank’s record-breaking performance this financial year.

Demerara Bank Headquarters, Camp Street, Georgetown

He said it is a testament to the dedication and hard work of the team at the Bank and their determination to adapt, innovate and serve customers with the highest level of service. He further, stated that they remain optimistic about the future and are excited to build upon this success.

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38% net profit growth, Demerara Bank, financial, Guyana, reports

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