Demerara Bank records over $2B in profits

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Chairman of Demerara Bank Limited, Dr. Yesu Persaud

– makes highest dividend payment in the history of the bank

DEMERARA Bank Limited has recorded a profit of $2.177 billion for the financial year which ended in September, 2019.

The profit reflects an increase of 6.7 per cent when compared to the previous financial year. In addition, according to the bank’s audited financial results, the company recorded a gross profit of $3.3 billion, which reflected an increase of 5.4 per cent when compared to previous year.

Chairman of Demerara Bank Limited, Dr. Yesu Persaud, in his review of the company’s performance, said as a result of the profit, the bank’s board of directors has recommended a final payment of dividend of $1.05 per share. The agreement payment brought the total dividend for the year to $1.40 per share.

“This is the highest dividend payment in the history of the bank,” said Dr. Persaud, adding that the bank foresees many more great experiences, expansions, growth and excitement in the years to come. He said the bank’s vision is to have a presence in Guyana’s various geographical areas and to tap into new markets, adapt new technologies and develop new product offerings, all while providing unique value through a comprehensive approach to customers’ banking experience.

“As we look back on the history of the bank, we are proud of our progress over the last twenty- five years since it represents the banks continued contribution to Guyana’s development.

“It was very challenging to form a totally indigenous bank without the management, finance and technical collaboration from overseas institutions, but we have weathered the storm emerging among our peers in many aspects,” said Dr. Persaud.
The bank, through diligent efforts, boasts of contributing to the country’s economy in multiple ways, as one of Guyana’s leading financial institutions with an expanded network of seven branches and a team of over 200 employees.

Early this year, it was reported that the bank had recorded a profit of $821 million after tax for the first quarter of 2019. Demerara Bank Limited was incorporated on January 20, 1992, as a private limited liability company under the provisions of the Companies Act, Chapter 89:01 and was licensed to carry on the business of Banking on October 31,1994.
The Bank obtained its Certificate of Continuance on April 2, 1997, in accordance with the Companies Act 1991. The Bank offers a complete range of banking and financial services and operates under the Provisions of the Financial Institution Act (Act 1 of 1995).

According to the company’s website, the bank remains committed to Dr. Yesu Persaud’s vision and takes pride in providing innovative and superior banking services, which include savings and term deposit accounts, loans, money transfer services, cambio services and Internet banking services.

Additionally, Demerara Bank offers a special loan scheme geared towards Guyana’s Go Green Initiative and is the first commercial institution to operate its corporate office solely on solar energy and has converted most of its locations to solar energy to reduce its carbon footprint.  Demerara Bank is the only principal member of VISA in Guyana and offers VISA credit, and soon, VISA debit, cards.