Banks DIH Berbice branch records $46.5M profit

Banks DIH’s Berbice branch has recorded a $46.5 million profit.
This was revealed to shareholders when the company held its 64th Annual General Meeting (AGM) in New Amsterdam on Sunday.

Branch Manager Reginald Matthews said 2019 said was the most challenging year for the branch in four decades, citing the impact of the closure of two sugar estates in Region Six (East Berbice-Corentyne).
Despite the achievements, Matthews said there must be no room for complacency.
It was the second consecutive year that the branch did not receive the coveted Chairman’s trophy, which is awarded to the top branch.
The Berbice branch’s sales last year was $3 billion, which is an increase of $29 million. Some 1,699,000 units of product passed through the doors of the branch, an increase of 9800 units.
The New Amsterdam Qik-Serv, Matthews said, is now facing much competition, but was able to generate $120 million in revenue, an increase of $5 million over the previous years.
“The revenue growth was achieved in the face of intense competition from long-existing and countless recently emerging restaurants.”
Matthews disclosed that the Qik-Serv was surrounded by five new restaurants; two on each side and one opposite.
However, Banks DIH Ltd Chairman Clifford Reis noted that the improved results were achieved despite rises in fuel prices to the end of the year.
“This challenge required prudent management of our financial and human resources,” he explained.
Reis said that Citizens Bank New Amsterdam, which is in its fifth year of operation and of which Banks DIH owns 51 per cent, increased gross revenue by $5 million reaching $32 million.
“As of September 30, 2019, the total deposits were $669.5 million, an increase of $153 million or roughly 30 per cent. The loans and advances given by this Bank were $192 million, which is an increase on $83 million or 26 per cent.”
Following a visit to the county last November and seeing first-hand the impact the closure of the two sugar estates is having on the Region, the company took a decision not to increase prices in Berbice when those increases were affected in other parts of the country. Reis said he was looking forward to a time when the people would get back their jobs.