Demerara Bank reports over $2B in profits, growth of 41% & expansion of services


See below full statement from Demerara Bank Limited:

Demerara Bank’s impressive growth during the interim period is a testament to its well-crafted and timely execution of key strategies.

In a financial landscape that presents both challenges and opportunities, the bank has demonstrated an exceptional ability to adapt and thrive.

This robust performance is not accidental but the result of meticulous planning and a forward-thinking approach that positions the bank favorably for both current and future developments.

The interim results for the period ended March 31, 2024 reflects growth in all key banking parameters.

The bank’s Profit After Taxation increased by 41% from G$1.524 billion to G$2.154 billion for the corresponding period of 2023, reflecting consistent performance and solid growth strategies.

The Loans and Advances portfolio saw significant growth, increasing by 30% to G$78.2 billion, while Deposits also showed a notable increase of 27%, rising from G$122.7 billion to G$155.9 billion over the said period.

This highlights Demerara Bank’s commitment to supporting and meeting the evolving needs of Guyana’s key economic sectors, including manufacturing, agriculture, housing, and forestry.

Demerara Bank’s capital adequacy ratios and liquidity metrics continue to be well above regulatory requirements, indicating prudent management of its assets and liabilities, while its earnings per share increased by 41% from G$6.77 to G$9.57 per share.

Based on the performance for the last six months, the Board of Directors recommended an interim dividend of G$0.60 per share compared to G$0.45 paid last year.

Along with their impressive interim report the bank is also excited to announce the upcoming expansion of its ATM network, introducing additional machines at strategic locations to better serve their customers. This initiative is part of their commitment to ensuring convenient and accessible banking services for all.

In addition to enhancing their physical presence, they are thrilled to unveil their enhanced Retail Ebanking platform. This upgrade represents a significant leap forward in their digital banking offering, providing a more intuitive, secure, and comprehensive online banking experience for all users.

The bank would also be launching new features in partnership with Salesforce, such as remote account opening, application for loans, payments, etc. before end of 2024.

The Chairman of Demerara Bank, Mr. Komal Samaroo, expressed satisfaction with the bank’s interim results, attributing the positive outcomes to the institution’s prudent management of resources, dedicated workforce and strategic focus. He thanked the clients of the Bank, the Board of Directors, employees and looks forward to their continued support.

In closing the Chairman again express gratitude Mr. Pravinchandra Dave, who retired in December 2023 and welcomed Mr. Dowlat Parbhu as the succeeding Chief Executive Officer, effective January 2024.

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