Apr 29, 2015 News
Demerara Bank Limited (DBL) says it has recorded an 18.6% increase in profit
for the first six months of the year ending March 31, 2015.
The net profit of the bank has gone up to $901.9M against profit of $760.6M in the corresponding period of 2014, according to officials.
The bank’s gross profit also increased by 17.6% to $1.383B. The deposit base of the bank rose from $40.4B in March 2014 to $47.5B as on March 31, 2015, reflecting an increase of 17.6%. “This compares favorably against the total deposit of the banking sector which saw an increase of 6.6% for the corresponding period of 2015.”
DBL said that significant improvements are also reflected in the areas of loans and advances and investments.
“Total Loans & Advances increased to $23.3B from $19.7B, registering a rise of 18.3% when compared to the corresponding year 2014 whilst investment increased by 11.5% to $21.4B.”
Demerara Bank’s total net assets for the half year totaled $57.6B compared with $49.5B at the end of March 2015.
Interest earned on income for the period under review totaled $1.8B on both loans and advances and investments.
“This shows a rise of 12.5% over the previous half-year. As a result of the bank’s solid performance for the first half of the year, shareholders’ earnings per share increased by 18.3%, to $2.00 per share; on a half yearly basis.”
According to Demerara Bank, this financial year has started off well. During the first half, it launched the VISA Credit Card services.
“At present, the Bank has a network of six (6) branches countrywide, and will soon expand its network to include a spacious corporate office in 2015. The outstanding achievement of the Bank over the last financial year is testimony to the commitment, dedication and vision of our Chairman and Directors of the Board, management and staff.”
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