GBTI rakes in $3B profits last year

Mar 15, 2024 News

Kaieteur News – The Guyana Bank for Trade and Industry (GBTI) recorded $3B in profits last year, the bank said in a press release on Thursday.

Guyana Bank for Trade and Industry (GBTI) Chairman of the Board of Directors, Robin Stoby

The bank said this performance was driven by prudent cost management and a focus on improving operational efficiency. Chairman of the Board of Directors, Robin Stoby said the report on the financial performance of the Bank and its subsidiary for the financial year ended December 31st, 2023, was approved by the Board on 16th February 2024. He said the bank has shown resilience and achieved significant milestones over the year.

“In 2023, the Bank and its subsidiary, recorded a total asset base of G$201B, reflecting an increase of 15% from the previous year. This growth was primarily driven by a strong performance in our lending portfolio, which saw an 18% increase in overall loans & overdraft portfolio compared to the previous year. Our deposit base also grew by 17%, reaching G$168B, indicating a high level of trust and confidence from our customers,” Stoby is quoted in the release as saying.

He said the bank was able to produce financial performance, reporting a net profit of G$3B for the year 2023, a 30% increase from the previous year, driven by prudent cost management and a focus on improving operational efficiency. “Looking ahead, we remain cautiously optimistic about the future. As, the local economy continues to grow at a rapid pace, we believe that our strong financial position, coupled with our focus on innovation and customer service, will enable us to leverage through these opportunities and continue to deliver value to our shareholders. I would like to take this opportunity to thank our customers, shareholders, and employees for their continued support and dedication. I would also like to express my gratitude to the Board of Directors for their guidance and oversight throughout the year. I am confident that with the collective effort and commitment of all stakeholders, the bank will continue to grow and succeed in the years to come,” Stoby said.

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Board of Directors, Chairman, Guyana Bank for Trade and Industry (GBTI), Release, Robin Stoby

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