…captures 38% of sector lending
The Demerara Bank’s loans and advances soars to $95.36 billion, accounting for 38 per cent of banking sector’s lending over the past twelve months.
This represents an increase of $23.99 billion when compared to the $71.37 billion recorded in 2023.
Additionally, the bank maintained its exemplary record of zero non-performing loans for the third consecutive year, underscoring disciplined credit management.
According to the financial institution, its consolidated financial performance for the year ended September 30, 2024, and the exceptional performance recorded is reflective of its diverse lending portfolio, which resulted in notable expansions in agriculture, consumer financing, residential and commercial real estate as well as small and medium-sized enterprises, among others.
“This milestone year was also marked by strategic investments in customer centered technology, disciplined risk management and continued commitment to modern, customer-focused solutions. Enhanced technological infrastructure further underscored DBL’s mission of economic empowerment and innovation. The Bank has planned a series of transformational technological roll-out within the next few months that will improve customer experience. These rollouts will soon be announced to the public” the bank revealed.
Further, net profit for the fiscal year increased by 37 per cent to $5.59 billion, up from $4.08 billion in 2023, Earnings per share improved by 37 per cent to $12.42, up from $9.06 in 2023, total deposits surged by 25 percent to $174.56 billion as of September 30, 2024, driven by a 29 per cent growth in savings deposits, which rose from $79.4 billion in 2023 to $102.4 billion.
Moreover, the Return on Average Assets increased to 3.1 percent, exceeding the industry average of 2.11 percent, share of banking assets increased by 22 percent over the last five years and the capital adequacy ratio rose to 23.53 percent, exceeding the industry average of 18.11 percent and the regulatory benchmark of 8 percent.
Meanwhile, total assets expanded by 27 per cent to $202.23 billion, highlighting the bank’s robust financial health and capacity for future growth.
Looking ahead, the bank’s Chief Executive Officer Dowlat Parbhu revealed that investments will be made to improve the technological infrastructure across the country.
“We have always aimed to build a bank that offers modern, customer-focused financial solutions while adhering to the highest standards of trust, transparency, and stability,” Parbhu disclosed.
He added that the financial institution will remain focused on sustainable growth, meaningful community engagement and enhancing shareholder value while meeting the evolving needs of its customers.
Similarly, Chairman Komal Samaroo acknowledged this year’s success, attributing it to strategic foresight and the dedication of the Demerara Bank Limited team, stating “Our results this year reflect our ongoing commitment to excellence, innovation and economic empowerment for the people of Guyana.” (G1)
