Mortgagors with the New Building Society (NBS) saw rebates of $800m for 2022 and $850m for 2023 after a decision to drop lending rates to as low as 3.5%.
NBS registered a profit of $679.8m for 2023, down by 27% from the 2022 mark. According to the financial statement for the mortgage institution published in the March 20th Guyana Chronicle, the 2022 profit was $931.8m.
In his report at the April 13th 2024 Annual General Meeting, NBS Chairman Dr Nanda K Gopaul said that 2023 had been “a year of both challenges and successes however; the Society sustained its strong financial performance as we pursued our concept of mutuality and strove to balance the needs of our savers and borrowers in the growing competitive financial sector in Guyana. The prevailing economic boom in the housing sector, has allowed the New Building Society to deliver a commendable financial performance maintaining a robust balance sheet, strong capital and liquidity positions which were well above the statutory requirements”.