The Guyana Bank for Trade and Industry (GBTI) has registered an after-tax profit of $3.1b for 2023. This is 32.5% higher than for 2022.
According to its financial statements published in yesterday’s Stabroek News, interest income rose from $6.5b in 2022 to $7.8b last year.
Net interest income was $7.06b in 2023 compared to $5.85b in 2022.
Operating expenses rose from $4.46b in 2022 to $5.24b last year. Loan provisioning net of recoveries dropped significantly from $681m in 2022 to $220m last year.
Profit after taxation was $3.1b for 2023 compared to $2.3b in 2022.
Basic earnings per share in dollars for 2023 was 78.56 compared to 59.25 in 2022.
Loans and advances increased from $63.7b in 2022 to $70.5b last year. Deposits grew from $144.3b in 2022 to $168.6b last year.
A statement from the bank said its performance was driven by prudent cost management and a focus on improving operational efficiency.
Chairman of the Board of Directors, Robin Stoby said in the statement that the report on the financial performance of the Bank and its subsidiary for the financial year ended December 31st, 2023 was approved by the Board on 16th February 2024.
“In 2023, the Bank and its subsidiary recorded a total asset base of G$201B, reflecting an increase of 15% from the previous year. This growth was primarily driven by a strong performance in our lending portfolio, which saw a 18% increase in overall loans & overdraft portfolio compared to the previous year. Our deposit base also grew by 17%, reaching G$168B, indicating a high level of trust and confidence from our customer”, he said.
Stoby expressed cautious optimism about the future.
“Looking ahead, we remain cautiously optimistic about the future. As, the local economy continues to grow at a rapid pace, we believe that our strong financial position, coupled with our focus on innovation and customer service, will enable us to leverage through these opportunities and continue to deliver value to our shareholders”, he said.
