-losses on investments, loans grew significantly
For the half-year ended March 31st, 2024, Demerara Bank Limited has registered a 41% increase in after-tax profit compared to the same period last year.
In its interim financial statements published in today’s Stabroek News, Bank Chairman Komal Samaroo said that the unaudited financials were approved by its Board of Directors at a meeting on April 17.
After-tax profit at the end of March this year was $2.154b compared to $1.524b for the corresponding period in 2023. This reflected a growth of 41%.
Deposits moved up from $122.7b to $155.9b – an increase of 27%, Samaroo said. Loans and advances grew from $60b to $78.2b or 30%.
Losses on loans and investments were a significant figure. For this period the figure amounted to $1.5b compared to $825m for the same period last year. This year’s losses were almost double last year’s figure.
The situation was retrieved by a massive rise in other income which was not defined in the statement. Other income for the six months ended March 31st 2023 was $761.2m. For the six months ended March 31st, 2024 it was $2.04b.
Based on the financial performance for the first six months of the year, the Board of Directors has recommended an interim dividend of $0.60 per share. Last year the bank paid $0.45 per share as the interim dividend.
In a press release on its results, the Bank said that its capital adequacy ratios and liquidity metrics continue to be well above regulatory requirements, indicating prudent management of its assets and liabilities, while its earnings per share increased by 41% from G$6.77 to G$9.57 per share.
The bank also announced the upcoming expansion of its ATM network, introducing additional machines at strategic locations to better serve customers.
“In addition to enhancing their physical presence, they are thrilled to unveil their enhanced Retail Ebanking platform. This upgrade represents a significant leap forward in their digital banking offering, providing a more intuitive, secure, and comprehensive online banking experience for all users. The bank would also be launching new features in partnership with Salesforce, such as remote account opening, application for loans, payments, etc. before end of 2024”, the release said.
