Demerara Bank reports taxed profit of $2.154B

…announces expansion of services

Demerara Bank Limited has reported a massive 41 per cent increase of its Profit After Taxation during the 2024 interim period – a testament to its well-crafted and timely execution of key strategies which it plans to further enhance through the expansion of services being offered.
The bank’s interim results for the period ended March 31, 2024, reflects growth in all key banking parameters.

Demerara Bank Limited Head Office on Camp Street, Georgetown

It’s Profit After Taxation increased by 41 per cent to $2.154 billion when compared to $1.524 billion in the corresponding period of 2023. This, according to the bank, indicates a consistent performance and solid growth strategies.
The Loans & Advances portfolio also saw significant growth, moving upwards by 30 per cent to $78.2 billion, while deposits also showed a notable increase of 27 per cent, rising from $122.7 billion to $155.9 billion during the reporting period. The Bank said this highlights its commitment to supporting and meeting the evolving needs of Guyana’s key economic sectors, including manufacturing, agriculture, housing, and forestry.
Moreover, Demerara Bank’s capital adequacy ratios and liquidity metrics continue to be well above regulatory requirements, pointing to prudent management of its assets and liabilities, while its earnings per share also grew by 41 per cent from $6.77 to $9.57 per share.
Based on the performance for the last six months, the DBL Board of Directors recommended an interim dividend of G$0.60 per share compared to G$0.45 paid last year.
“In a financial landscape that presents both challenges and opportunities, the bank has demonstrated an exceptional ability to adapt and thrive. This robust performance is not accidental but the result of meticulous planning and a forward-thinking approach that positions the bank favorably for both current and future developments,” a missive from DBL stated.

Service expansion
Along with their impressive interim report, Demerara Bank also announced the upcoming expansion of its ATM network, introducing additional machines at strategic locations to better serve their customers. This initiative is part of their commitment to ensuring convenient and accessible banking services for all.
In addition to enhancing their physical presence, the bank has also unveiled their enhanced Retail E-banking platform. This upgrade represents a significant leap forward in their digital banking offering, providing a more intuitive, secure, and comprehensive online banking experience for all users.
Further, the bank would also be launching new features in partnership with Salesforce, such as remote account opening, application for loans, payments, etc. before end of 2024.
Only last month, it was reported that DBL would be establishing a regional footprint.
According to the bank’s 2023 Annual Report, a subsidiary of the indigenous Guyanese bank will be established in St. Lucia. The report indicated that the Eastern Caribbean Central Bank (ECCB) has already approved the bank’s establishment on the island.
“The board of directors approved the establishment of a subsidiary in St. Lucia as part of the bank’s broader expansion plans. This coincides with the bank’s strategic plan which includes the expansion of our services and diversification of our business,” the report stated.
During the second Local Content Summit 2024, President Dr. Irfaan Ali spoke of the need for banks in Guyana to evolve their attitudes and way of thinking as he revealed the indigenous bank that was expanding its footprint.
“The bank has to see itself as a facilitating role in the development and expansion of the economy. And make investments to facilitate the deployment of capital to make use of these opportunities. And to do this, the bank must not only have a local look at things, but a regional look.”
“Now there’s one regional bank that became very successful in and also outside the region, operating in Guyana, by deploying a more reasonable approach. There’s one bank in Guyana now that’s in the process of establishing a regional footprint by going into a different country,” President Ali had said.
Further, the head of state had noted that many regional opportunities are waiting for not just local businesses, but banks, to tap into. He had stressed the importance of businesses positioning themselves.
Satisfactory interim performance
Meanwhile, the Chairman of Demerara Bank, Komal Samaroo, has expressed satisfaction with the bank’s interim results, attributing the positive outcomes to the institution’s prudent management of resources, dedicated workforce and strategic focus.
He thanked the clients of the Bank, the Board of Directors, employees and looks forward to their continued support.
In closing, the Chairman again expressed gratitude Mr. Pravinchandra Dave, who retired in December 2023 and welcomed Mr. Dowlat Parbhu as the succeeding Chief Executive Officer of DBL, effective January 2024.