The Guyana Bank for Trade and Industry (GBTI) saw a 19% jump in loans and advances for 2021 over the preceding year and the services sector saw a major increase.
In his Chief Executive Officer’s report in the bank’s 2021 annual report, James Foster said that the country’s positive economic growth has upped the demand for financing and the “Bank has embraced this trust prudentially”.
Foster said that the bank continues to be the lead lender in the agriculture sector. He added that the oil and gas services sector has provided good opportunities for lending as reflected by the portfolio growth.
The bank’s annual report revealed that while loans and advances to the services and distribution sector were $18.7b in 2020, this figure rose sharply to $27.1b in 2021. Loans and advances for households showed a decline from $13.8b in 2020 to $13.1b in 2021. Loans and advances to the agricultural sector dropped from $7.9b in 2020 to $6.9b in 2021.
As reported previously after-tax profit for the bank soared by 28% last year compared to 2020.
Profit after taxation for the year ended December 31, 2021 was $1.748b compared to $1.365b for 2020.
Interest income was up by 13.8% from $4.67b in 2020 to $5.31b last year. Interest expense dropped from $670.9m in 2020 to $636m last year.
Net interest income for 2021 was $4.68b compared to $3.99b in 2020.
GBTI will hold its annual general meeting on May 23 at 4 pm at its corporate office at High and Young streets. It will deliberate on a proposal for a dividend of $16 per share of which $3.50 has already been paid.
