After a good 2009…
– Reports
CHAIRMAN of the Board of Guyana Bank for Trade and Industry (GBTI) Directors, Senior Counsel Robin Stoby has reported that the institution did well in 2009. In the Annual Report, he said GBTI made a net after tax profit of $991M in that year and profit tax rose by 5.39 per cent while the assets base grew by 9.29 per cent to $53.9 billion.
Mr. Stoby also said that the bank’s expansion programme is a demonstration of confidence in the economy and a determination to be a part of the financial landscape of Guyana, in spite of the difficult global economic situation.
He confirmed that the new Head Office, in the vicinity of Pegasus Hotel along Seawall Road in Georgetown, is nearing completion and the Grove/Diamond branch, on East Bank Demerara, where construction began last year, is expected to be completed by September.
Stoby said: “The Bank continues to be optimistic about the future of our country. The Government has unveiled a budget of $143 billion for 2010 and expects to fund this expenditure, in part, with current revenue of nearly $100 billion. Inflation, which was recorded as 3.6 per cent in 2009, is hoped to be kept to the rate of 4 per cent in 2010. This is an indication that the Government will be continuing its macro-economic policies that have brought us steady, if not significant growth.”
According to him, GBTI anticipates a highly competitive banking environment, this year, with all commercial banks aggressively seeking out sound lending opportunities against the backdrop of high liquidity.
In his report, recently appointed Chief Executive Officer (CEO), Mr. John Tracey said, this year, the bank will be seeking to improve its market share in the banking sector and take advantage of opportunities to enter new markets.
“We will continue to observe best banking practices to deliver further growth in a focused, disciplined and decisive manner,” he assured.
Tracey added that GBTI will execute its long term strategy by building on historic strengths in lending and by providing a wider array of products and services.
He said the bank proposes to launch a web-based banking portal by the third quarter of 2010, affording customers enhanced access to their accounts and will also be examining other ways  to expand its network.