Profits for GBTI in first half of 2022; Bank credits committed staff and improved loan portfolio

See the full statement from GBTI below:

The sharp rise in the cost of living worldwide has not escaped Guyana. Consequently, the Guyana Bank for Trade and Industry, GBTI, the country’s largest indigenous bank, in its commitment to cushioning the impact here, is now providing ready and affordable access to financing.

This facility; accessible at all GBTI Bank branches across Guyana is increasingly the preferred route for Guyanese to a high quality of life and making their dreams a reality.

For the first six months of 2022, GBTI achieved an increase of 84% in its Net Profit after Tax totalling $1,163M. GBTI total Assets also grew by 14% to $159B with deposits reaching a record $135B.

GBTI’s improved performance was influenced by committed staff, an improving loan portfolio, favorable market conditions and stabilization at the national level. As a result, the GBTI increased its interim dividend to $6 per share as compared to $3.5 per share in 2021. The bank anticipates a continued trend to year-end 2022 as the local economy continues to grow.

Adherence to international Environmental, Social, and Governance (ESG) policies are driving the bank into new and innovative alliances. A current example is the recent partnership between the GBTI and the National Beautification Project through its patron, Guyana’s First Lady, H.E. Arya Ali, established through a Memorandum of Understanding.

The Kingston Seawall Redevelopment Project is slated to be completed by December 2022. The bank’s focus on awareness of social issues saw our support to International Women’s Day 2022; an event highlighted by the feature address of Hon. Dr. Vindhya Persaud, Minister of Human Services and Social Security, and attended by the diplomatic community and private sector.

The GBTI global partnership initiatives produced major collaboration with international financial institutions such as the Inter-American Development Bank (IDB) and paved the way for the signing of an investment financing agreement between GBTI and IDB.

In consonance with the Government’s housing policy, GBTI has lowered its rates and continues to work with the Ministry of Housing towards universal home ownership.

GBTI participation in the International Building Expo in July saw the bank facilitating housing loans to hundreds of Guyanese including Giovanni Browne who also won the associated prize of a brand new Toyota Raize SUV, an unrivalled bonus.

The bank continues to make financing more affordable to as we “See Guyana Through Your Eyes”.