Citizens Bank records $726.6M profit in 2017

Despite the ongoing economic challenges, Chairman of Citizens Bank Guyana Inc. announced on Tuesday evening that the financial institution recorded a magnificent $726.6 million in profit after tax last year.

During Citizens Bank’s Annual General Meeting on Tuesday, Chairman Clifford Reis explained that the profit represents 51.6% when compared to 2016.

He said this was despite the ongoing challenges in its operating environment including underperformance in the economic sectors and the increasing levels of nonperforming loans.

“The nonperforming loans at September 30, 2017, represented 13.1% of our total loan portfolio compared to 15.5% at September 30, 2016,” he said.

Other challenges, he said, are slow projects implementation, high liquidity, and reduction in the availability of foreign currency

Reis said the improvement in the profit margin was because major emphasis was placed on improved risk management, asset maintenance, and cost control.

Reis also announced an attractive increase in the value of shares.

“In 2016, the shareholders benefited from a dividend of $1.80 per share. The bank paid an interim dividend of $0.70 per share in 2017. The directors now recommend a final dividend of $2 per share,” he stated.

Speaking on the future outlook, the Chairman said moves are afoot to construct another modern facility to house the existing branch at Thirst Park.

He said the institution will continue to invest in technology. Reis noted too that the bank will upgrade its e-banking facility to allow customers to experience the convenience of electronic services.