Demerara Bank Limited, the country’s lone indigenous bank, has recorded an after-tax profit of $4.06 billion for the financial year ending September 30, 2023.
The figure is a 37.9 percent increase from the $2.9 billion recorded in 2022. According to the audited results for the financial year, the bank reported a pre-tax profit of $5.9 billion.
In its consolidated financial statements published in the November 8, 2023, edition of the Stabroek News, the Chairman of Demerara Bank Limited, Komal Samaroo said the bank has recorded the best financial results in its history.
“It has been an outstanding year for the Bank…This performance reflects the combination of diligent efforts of all staff members and strategic decision-making at the leadership level,” Samaroo said.
In addition to its profits, the statement highlighted that the deposits of the bank also registered “substantial” growth, expanding by 30 percent from $106.9 billion to $139.1 billion.
Loans and advances also increased by 22.7 percent from $58.1 billion to $71.3 billion, while net credit impairment this year was $825 million compared to a recovery of $362 million.
“Income before taxation was $4.88b billion in 2022 and $5.9 billion this year,” the statement noted.
According to Samaroo, the Board of Directors has recommended a final dividend payment of $1.80 per share.
“This proposed dividend, when combined with the interim dividend of $0.45 per share already paid, brings the total dividend for the full year to $2.25 per share. Payment of the final dividend is subject to Shareholders’ approval at the Annual General Meeting. The total dividend paid in 2022 was $2.00 per share,” he explained in the statement.
The bank credited its “exceptional” performance to several factors, including financial discipline, a strategic investment approach, and continuous development of human resources.
“Considering the broader economic context, global growth is projected at approximately three percent for 2023, while Guyana’s growth is estimated at an impressive 38 percent for the same period,” Samaroo said.
