The Demerara Bank Limited (DBL) has announced a net profit of over $900 million, a testament to the Bank’s performance in the first half of 2018 and an increase compared to the corresponding period last year.
This is contained in the Bank’s interim financial statements. According to the bank on Monday, these figures represent a 17 per cent hike compared to 2017, all under challenging circumstances.
Demerara Bank Corporate Office, Camp Street
“The profit before taxation has gone up to G$1.5 billion from G$1.1 billion showing increase of 34 per cent over the previous year. Loans and Advances has increased to G$25 billion from G$23.9 billion, registering an increase of 4.6 per cent compared to the corresponding period in 2017,” the Bank’s branch coordinator, Christina Correia, said in a statement on Monday.
“The Interest Income from Advances and Investment has also shown positive growth. As a result of the Bank’s solid performance, the shareholders’ earning for the first half year has increased by 17.15 per cent to 4.03 per share on an annualised basis.”
She further related that the Board of Directors has recommended a higher interim dividend of 35 per cent for the shareholders. Correia noted that the Bank paid an interim dividend of 30 per cent last year.
“At present, the Bank is having a network of seven branches countrywide. The performance of the Bank has benefited all the stakeholders – Government through taxes, shareholders through dividend and capital appreciation. Demerara Bank is a pioneer bank in advancing the cause of green initiatives in Guyana,” the branch coordinator stated.
“The Bank’s Diamond and Corporate Branches are fully operational on solar energy. The Bank has also developed and introduced green loan products for customers for installing solar equipment. The outstanding achievement of the Bank for the last financial year as well as the half year ending 31 March 2018 is testimony to the commitment, dedication and vision of the Bank’s Chairman, Directors of the Board, management and staff.”
