DEMERARA Bank Limited has recorded a 10% rise in its profit from the previous year, with the Bank’s net profit increasing from $750M in 2008 to $818M in 2009. This outstanding performance was reported in a press statement following the bank’s 15th Annual General Meeting (AGM) held on last week Wednesday at the Grand Coastal Inn at Le Ressouvenir, East Coast Demerara.

The report said that for last year, the Bank achieved a Profit Growth of 33.92% and prior to that, a profit growth of 97.87%.

“Considering the challenging global environment and our selective risk appetite, the results are excellent,” the bank stated.

“Return on Average Assets comes to 3.02% which is outstanding considering international standard of 1% and which is the best among all the commercial banks in Guyana,” the Bank added.

DBL’s return on Shareholders’ Funds comes to 23% which is good in comparison with other commercial banks.

The bank also said its deposits have moved from G$21.2B to G$24.9B which shows an increase of nearly 18% over the previous year.

The bank’s savings deposits went up from G$6.6B to G$8.8B, which shows a rise of 33% over the previous year.

Investments have increased from G$6.8B to G$7.3B which shows improvement of 7% over the previous year. The bank also reported that its Net Advances has gone up from G$6.7B to G$8.7B which shows a rise of 29.8% over the previous year.

Demerara Bank also indicated that its net non-performing advances is G$90M as on 30/09/2009, reflecting 1% of its gross advances, which is even better than the internationally accepted level.

Demerara Bank also claimed that its Net Non-performing Advances is lowest among all the banks. The ratio of provision for loan losses to NPA comes to 84% which is above the national average.

Chairman of Demerara Bank Mr. Yesu Persaud, in his report, highlighted the expansion of the Bank’s branch network during the last three years from one branch in 2004 to four branches presently with a Branch at Diamond scheduled to open sometime this year.

“With the excellent network of branches and ATMs and Internet Banking facility, Demerara Bank is one of the best performing banks in Guyana,” the Chairman said.

The main thrust of the Bank is “Trust, Security and Service” from a truly Guyanese Bank.

Shareholders have been amply rewarded by the Bank having received continuous dividend from the year of inception and share price has gone up from G$3 in 2004 to G$18 in 2009.
The Bank plans to consolidate its growth and will offer more diversified banking products and services in the years to come.