Demerara Bank Limited has reported a $2.4B pre-tax profit for the first quarter of 2023. The financial institution attributed this growth to the positive economic developments in all sectors of the economy, as well as the ongoing execution of its growth strategies and diversification plan to support the growing needs of the economy.
Expounding on its fiscal performance, the bank said its unaudited results showed its Pre-Tax Profit increased to $2.443 billion, while its Net Profit After Taxation grew by 9% to $1.524 billion. Its Loans & Advances portfolio increased by 21% to $60 billion, with deposits showing an increase of 21% from $101.4 billion in March 2022 to $122.7 billion in March 2023.
The bank boasted of its aggressive deployment of resources in key areas such as manufacturing, agriculture, housing and forestry, as well as prudent lending, noting that they have all led to a zero non-performing loan position. Furthermore, Demerara Bank said its capital adequacy ratios and liquidity metrics continue to be well above regulatory requirements, indicating prudent management of its assets and liabilities.
Komal Samaroo, Chairman of Demerara Bank, expressed delight in the bank’s interim results, stating, “We are delighted with our interim results, which reflect our commitment to providing value-added products and services to our clients. Our strong performance is a testament to the positive developments in the economy’s core industries, and we remain committed to supporting these sectors with financing solutions.”
Looking ahead, he said that the bank remains dedicated to delivering value to its customers and shareholders through continued investment in its people, technology and infrastructure. He expressed confidence that the bank’s strong financial position, combined with its focus on innovation and customer-centricity, would enable it to continue to grow and prosper in the years to come.
In line with this growth, Demerara Bank’s Board of Directors declared an interim dividend of $0.45 per share, compared to the $0.40 paid last year. With its prudent management of assets and liabilities and continued investment in people, technology and infrastructure, the bank is confident that it is poised for continued growth and prosperity.
