DEMERARA Bank Limited has recorded a profit of $821M after tax for the first quarter of 2019.

According to the bank’s interim financial statements for March 31, 2019, the profit was less than what was recorded for the corresponding period in 2018. Chairman of the Bank, Dr. Yesu Persaud, in his review of the financial institution’s performance, said the company had recorded a profit of $907M for the same period last year. Despite the decrease, he said the bank’s deposits increased from $59.4 billion to $62.6 billion, an increase of five per cent.

In addition, loans and advances moved from $25B to $30B. Based on the financial performance of the first six months of the year, the Board of Directors of the bank has recommended an interim dividend of $0.35 per share. Last year the company paid $0.35 per share as interim dividend.

“The performance of the bank is good considering the challenges we have in the local operating environment,” said Persaud. Global growth is projected around 3.9 per cent in 2019. Guyana’s real growth was 4.1 per cent in 2018 and it may remain in the vicinity of 4 per cent in 2019, said Persaud.

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 includes 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.

Demerara Bank is also committed to supporting causes related to sports, education, health and safety, as well as other areas of community development in keeping with its corporate social responsibilities.