Demerara Bank reported its financial performance for half year ending 31 March 2018. The Bank has shown improvement in all areas of operation, under highly challenging circumstances.
The Bank has recorded Net Profit of G$907 Million for six (6) months which shows rise of 17% over the corresponding period last year.
The Profit before taxation has gone up to G$1.5 Billion from G$1.1 Billion showing increase of 34% over the previous year. Loans and Advances has increased to G$25 Billion from G$23.9 Billion, registering an increase of 4.6% compared to the corresponding period in 2017. 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% to 4.03 per share on an annualized basis.
The Board of Directors have recommended a higher interim dividend of 35% for the Shareholders, last year the Bank paid an interim dividend of 30%. At present, the Bank is having a network of seven (7) branches countrywide. The performance of the Bank has benefitted all the stakeholders – Government through taxes, Shareholders through dividend and capital appreciation. Demerara Bank is a pioneer Bank in advancing the cause of green initiative in Guyana. 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 & Staff.