CITIZENS Bank Guyana Inc recorded an after-tax profit of $1.8 billion, an increase of $744 million or 70.5 per cent when compared with 2021.
The local bank is a 51 percent-owned subsidiary of beverage company, Banks DIH, which also experienced increased after-tax profit, recording $7.58 billion for 2022, a 12 per cent increase over 2021.

This was reported in the recently released Banks DIH 2022 Annual Report, which was published under the theme, “Forging Global Partnerships.”
In the Chairman’s Report, Banks DIH Chairman Clifford Reis outlined the financial standing of the company and its subsidiary, for the period ending September 30, 2022. Reis described the performance of the companies as “excellent results.”

For 2022, Citizens Bank raked in total revenue of $4.847 billion, a significant increase over the $3.949 billion generated in 2021, an increase of $898 million or 22.7 per cent.
“The profit before tax was $3.001 billion compared to $1.782 billion in 2021, an increase of $1.219 billion or 68.4 per cent, while profit after tax was $1.8 billion compared to $1.056 billion, an increase of $744 million or 70.5 per cent. Net-interest income was $3.577 billion,” Reis reported.

“The earnings per share was $30.26, while the total asset base was $84.7 billion. Loan Assets were increased from $33.8 billion to $38.2 billion, by 13 percent or $4.4 billion.”
The company’s Banks Automotive and Services Inc, a 100 per cent owned subsidiary of Banks DIH, recorded a before-tax profit of $5.9 million compared to $2.7 million, an increase of $3.2 million or 118.5 percent.

“The company generated revenues of $117 million compared to $57.5 million in 2021, an increase of $59.5 million or 103.5 per cent,” the report said.
In 2023, the company’s new multi-storey vehicle parking facility and corporate offices and showroom are expected to be completed.

Meanwhile, Banks DIH generated $39.653 billion in revenue compared to $35.858 billion in 2021, an increase of $3.795 billion or 10.6 per cent.

The profit before tax for the company was $10.506 billion compared to $9.439 billion in 2021, an increase of $1.067 billion or 11.3 per cent. Profit after tax increased from $6.777 billion in 2021 by $812 million or 12 per cent.

The overall performance of the group improved by recording a profit before tax of $13.398 billion compared to $11.078 billion in 2021, an increase of $2.32 billion or 20.9 per cent.
“Profit after tax for the group attributable to shareholders of the parent company increased from $7.170 billion to $8.395 billion by $1.225 billion or 17.1 per cent,” Reis shared.

“The Board of Directors has recommended a dividend proposal of $2 per share unit resulting in an overall cost of $1.7 billion as compared with $1.445 billion in 2021, an increase of $255 million or 17.6 per cent.”

According to Reis, the profit was achieved notwithstanding the financial year having many ongoing challenges of the global environment that caused considerable instability and unpredictable impacts on businesses around the world. This included the COVID-19 pandemic, and geopolitical crisis in Europe.

Reis noted that the supply-chain issues, resulted in the rising cost of raw materials, spares, production, distribution and the rising cost of living on workers’ incomes.
Reis credited the achievement to strategic planning, and leadership skills.

“The company was able to rise above these difficulties by managing our manufacturing processes to make consistent-quality beverage and food products, the engineering of efficient plant and equipment operations and the selling of our products “Better and Smarter,” so as to manage growth. Employee engagement continues to be high and agile in a volatile market,” Reis said.

For 2022 the company made capital investments in plant and machinery, and equipment in order to sustain its long-term developments and to enhance its manufacturing capacity and efficiency in operations.