Bank Chairman hints at ‘expanded network of branches’
Demerara Bank Ltd is reporting a “very good” performance for the year ended September 30th, 2010 and the Bank’s Chairman, Yesu Persaud is citing the bank’s approach and its “greater understanding of the changes in the world of finance” as some of the contributory factors to its success.
As of the end of September this year Demerara Bank is reporting a 20% increase in before-tax income, compared with the previous financial year, with earnings $1 billion to $1.2 billion. Profits after tax rose by 4.28% over the previous year up to $853m. Meanwhile, the bank also increased its overall share of deposits over the immediately preceding year by 16%, raking in $$28.9 billion compared with $24.9 billion up to the end of September 2008.
As a consequence of the bank’s solid performance over the past financial year shareholders’ earnings per share increased from $1.82 per share to $1.90 per share while the bank’s return on average assets stands at 2.65% which, Persaud says, is above the national average for commercial banks in Guyana.
Demerara Bank’s listing of its assets for the financial year totals $13,974,229 compared with $13,406,879 at the end of September 2009 while its investments also jumped to $9,810,227 from $7,271,356 at the end of the previous year. Its interest earned on income over the past year totalled $1,010,484 representing interest earned on both loans and advances and investments. This compares with earned interest totalling $1,736,304 during the preceding year.
Meanwhile, the Bank’s Chairman also says that the solid performance over the last financial year was also due to its focus on training. “Our major assets are our human assets. We continue to provide training at all levels at the bank which will take us to greater heights in the future with an expanded network of branches,” Persaud said.
Demerara Bank, Guyana’s first indigenous commercial bank, opened for business on October 31, 1994.