Asset growth, more investments as Citizens Bank sees highest profit in five years

Citizens Bank in its 2021 Annual Report recorded profits after tax totalling $1.1 billion, representing an improvement of $73 million when compared to 2020.

Interestingly, this is the largest profit after tax the bank recorded in the last five years although the returns have been increasing steadily on an annual basis.

The bank said this performance should be seen in the context of the continuing negative impact of the global pandemic on the Guyanese economy coupled with other market factors including high levels of liquidity and declining interest rates.

The bank’s Chairman Clifford Reis said the improved performance was mainly because of the growth and moderate improvement in the overall quality of loan portfolio and prudent management of expenses.

Not only did profits grow, but so did the bank’s assets which increased by 29.9 per cent, averaging at $82 billion over 2020’s $63 billion.

Customer deposits also grew by 34.6 per cent, receivables and loans by 6.5 per cent while gross revenue increased by 5.3 per cent.

Citizens Bank also increased its investment, closing off 2021 at $9.3 billion, also the highest in the last five years and above 2020’s $7.7 billion.

There were consequential increases recorded in several other areas with an overall good performing year for Citizens Bank.

The bank’s shares were last traded on the local stock exchange at $146.00 per share.

Looking forward to 2022 and the projection for the global and local economies, Citizens Bank said it remains committed to the financial well being of its customers and the development of the banking sector.

To this end, it said it will continue its investment and remain confident that the successful implementation of its growth’s strategies will overcome challenges.

Positive results for its shareholders are again anticipated at the end of 2022.