The Demerara Bank Limited executives are smiling from ear to ear after recording billions of dollars in profits for the fiscal year ended September 30, 2019. According to the Bank’s Chairman, Dr. Yesu Persaud, it was able to achieve $3.4B in profit before tax, reflecting an increase over the previous period by 9.15 percent. The recorded after-tax profit stood at $2.177B, an increase of 6.72 percent.
In a published advertisement in the daily newspapers, the Chairman said it is Demerara’s “best year yet” as it recorded growth and returns which exceed that of other local banks despite a highly challenging and competitive environment.
The Chairman said that the achievement of this result was mainly on account of very efficient management of the bank’s assets and liabilities, wise investment decisions, and prudent lending strategies. He said, too, that the bank also maintained exceptionally returns to shareholder’s funds over the years, recording a return of 15.5 percent in 2019.
Looking ahead, Persaud said that the bank foresees expansion and growth in other regions for the benefit of its customers.
The Chairman also noted that the bank is celebrating 25 years of service to the people and hopes to continue doing so while enhancing its products and technologies.