For the year ended December 31st, 2022, the Guyana Bank for Trade and Industry (GBTI) recorded a 35.54% increase in after-tax profit.
According to its financial statements published in Stabroek News, interest income rose 23.96% from $5.31b in 2021 to $6.59b last year. The interest expense was $636m in 2021 compared to $739n last year.
Net interest income rose by 25.1% from $4.68b to $5.85b.
Other income rose sharply by 41.39%. Other income in 2021 was $1.96b while last year the figure was $2.77b.
Loan provisioning net of recoveries rose from $454.3m in 2021 to $680.9m.
Profit after taxation jumped from $1.74b to $2.37b – an increase of 35.54%.
Basic earnings per share in dollars shot up from 43.72 in 2021 to 59.25 last year.
GBTI in a statement described the performance as “exceptional”.
It said that in the wake of a rapidly expanding economy, loans grew by 33% for the year to $65b, while deposits rose by 20% to $148b.
Based on this performance, a dividend of $20 per share has been recommended; $12 of which has already been paid to shareholders. This dividend represents a 25% increase over that of 2021, the statement said.
“GBTI sees encouraging portents for continued positive growth in 2023. We anticipate a continuing growth trajectory and strengthening of our position in the local market”, said its Chief Executive Officer James Foster.
The statement added that a highlight of this performance is the “transformative digital drive”, through upgraded software, computer systems overall, and “Go- Banking” in the last quarter of 2022 without negative impact to its increasingly digital-savvy, customers. The statement said that the upgrade process is ongoing and staff training is continuous. The statement said that clients are sharing expressions of support and greater confidence in the bank and Guyana’s economy.
As 2023 enters its second quarter, GBTI says it is poised for continued growth and more regular engagement with stakeholders and the communities it serves countrywide.
