The Guyana Bank for Trade and Industry (GBTI) has registered a whopping 84% surge in after-tax profit for the first six months of this year, according to its unaudited financial statements for the period.
According to the statements published in the August 17th Guyana Times, other income was the key factor in the bumper returns. Unaudited other income for the first six months of 2021 was $823.5m. For 2022, this figure rose to $1.4b, a jump of 71%. There was no breakdown in the statement for other income but in his statement accompanying the financial statements, Chairman Robin Stoby said that “The bank’s improved performance is influenced by an improving loan portfolio, favorable market conditions and stabilization at the national level. The GBTI Mutual funds has recorded improved results as well”.
He said he anticipated a similar trend for the rest of the year.
In addition to other income, GBTI’s interest income rose sharply by 27.1%. Unaudited interest income for the first six months of 2021 was $2.352b for 2021 while for the first six months of this year the figure was $2.991b.
Loan provisioning also rose over the comparable period from $118.3m in 2021 to $475m in 2022.
The earnings per share for the first half of 2021 was 15.77 compared to 29.08 for 2022. The board has declared an interim dividend of $6 per share.
