Latest update May 13th, 2024 12:59 AM
Nov 10, 2011 News
-opens first-ever bank on East Demerara
Just 17 years after opening its doors and becoming the country’s fully-owned indigenous bank, Demerara Bank Limited (DBL) has amassed a whopping $984M in profits, its highest to date.
According to officials yesterday, the bank’s deposit base grew 4.5 per cent to be at an all-time high of $30.2B while investments have increased by 26% to $12.5B. Loans and advances jumped by 21 per cent.
Demerara Bank’s financial year was from October 1, 2010 to September 30, 2011.
The net profit of $984M would represent a 15% increase over the previous year.
According to a senior manager, the fact that DBL is the only fully-owned Guyanese bank and the “youngest” of the commercial banks in the country and almost reached a billion dollars in profit, is an outstanding achievement.
The year would also mark another milestone–the opening of two branches- a $460M one at Diamond, East Bank Demerara, and another last month at Le Ressouvenir, East Coast Demerara.
The Le Ressouvenir branch is the first and only bank on the East Coast of Demerara.
Interest earned on income over the financial year totaled $2.2B, representing interest earned on both loans and advances and investments. This was compared to previous year figures of earned interest totaling $1.9B.
The solid performance over the last financial year was also due to its focus on training, the bank official said.
“Our major assets are our human assets. We continue to provide training at all levels at the bank which will take us to greater heights in the future with an expanded network of branches.”
Demerara Bank opened for business on October 31, 1994 and has five branches countrywide.
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well, who say that guyanese poor, and V.A.T. killing the poor and the economy???? Good work Mr. Yesu Persaud, your labour and actions, and putting them to work have yeild fruits. Congratulations.
I had always thought that the 1st branch of a commercial bank on the East Coast of Demerara was the Guyana National Cooperative Bank’s branch opened in the Cooperative Village of “Melani” in the 1970’s in the era of “Cooperative Socialism” which was later replaced by the era of “Hoyte’s Economic Pragamatism”. Am I wrong or are we fingering the facts of the socio-political history of the country’s banking industry.
Not bad, but we need these figures to be in US $ or euro.
Financial prudence from this company. Look out various stakeholders will ” sharpen their teeth” for those values of profitability.
Congrats this was achieved during a year of severe global recession. The economy is doing well in Guyana with the PPP/Civic. Guyanese continue with the investment confidence you demonstarte as this profit value is testimony to it.
a lot of money