GBTI records $1.7B in taxed profits; thanks customers for support

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See full statement from the Guyana Bank for Trade and Industry below:

 Despite the effects of COVID in 2021, GBTI continued as a leader in the financial industry recording a $1.7B taxed profit. Much of the bank’s success is as a result of support given to its customers and value being placed on its employees.

According to Chief Executive Officer, James Foster, “There was a significant increase in the asset quality of the Bank, much of which is attributed to the dedication and diligence of our team members.”

The Bank’s portfolio saw improvements in its assets which grew by 12%. A profit growth of 28% after tax was recorded while an increased deposit growth of 12% was realized. The Bank’s loan portfolio grew by 20% while noting an improvement of the Net NPL to below 10%.

GBTI Kingston Office (Guyana Inc. Magazine)

Foster also noted the success of the GBTI Mutual Funds which in less than three years of existence, recorded a profit growth of $207M. GBTI Mutual Funds offers investors a suite of alternative investment opportunities.

According to Foster, “Working as a Team is key to GBTI’s successes. We seek to grow our customers’ businesses, improve the lives of our team members, and make meaningful contributions to our communities.” The Bank, being cognizant of the effects of COVID, supported our communities and clients with reduced or eliminated fees, granted loan moratoriums and reduced interest rates.  Team members incurred no loss of income, in addition, accessed vaccination drives which saw in excess of 95% of the team being vaccinated. Importantly our team members continued to support our communities and our clients despite the challenges of the pandemic. Also, during this period, the bank invested heavily in technology to ensure we meet the burgeoning expectations of our clients.

Throughout our history GBTI, the bank that sees “Guyana through its eyes” has been a key partner to many Business Development initiatives in our country. We understand and embrace the changing landscape of our country and believe these changes are necessary for Guyana to fully exploit its potential.

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