Demerara Bank Limited (DBL) rattled up an after-tax profit of $1.67B for the year ended September 30, 2014, 29% above the previous year.
In the financial statements published in Saturday’s Stabroek News, Chairman of the local bank, Yesu Persaud hailed the performance as the most outstanding since it began business 20 years ago.
Interest income from loans and advances grew from $1.498B in 2013 to $1.898B this year. Interest expense
rose from $477.7M to $561.7M. Net interest and other income jumped from $2.67B last year to $3.3B this year.
Deposits grew from $41.4B last year to $45.6B this year. Loans and advances increased from $18.5B last year to $22.4B this year.
In his Chairman’s review, Persaud said that the net worth of the bank appreciated from $6.5B last year to $7.9B this year. He said that the Board of Directors has recommended a final dividend payment of $0.67 per share, bringing the total dividend payable for the year to $0.90 per share.
Persaud stated that the uncertainties related to the current political environment are of concern to the bank.
He also noted that Guyana was still to pass the Anti-Money Laundering and Countering the Financing of Terrorism Bill to bring the country in compliance with global requirements.
