AMIDST a growing economy and an expanding banking sector, the Guyana Bank for Trade and Industry (GBTI) has had another successful year, recording an after-tax profit of $1.814B in 2012. The bank held it’s Annual General Meeting (AGM) on Monday last, and its 2012 annual report revealed a 32 percent increase in profits when compared to the $1.382B after-tax profit recorded in 2011. In addition, the bank’s assets grew by 17 percent to $88B in 2012, $13B more than in 2011.

In his report, the Chief Executive Officer (CEO), Mr. John Tracey, noted that 2012 was the first year of implementation of the bank’s new five-year strategic plan, which took into consideration the growth of Guyana’s economy and the direction of its development, the state of the world economy and technological advancement, and the socio-political situation of the country.

This new strategic plan saw the implementation of a new core banking application, which was started in February 2012 and went live in October the same year. According to Tracey, the implementation process was challenging, and the adjustments that came along with it were largely responsible for a tardy presentation of the financial results for 2012. Nevertheless, the bank had an outstanding year despite those challenges.

GUYANA SEEMS UNIQUELY BLESSED

He further related that, as world economies continue to struggle, Guyana seems uniquely blessed to have recorded real economic growth for another year, fuelled by agricultural and natural resources. “As the Guyanese economy continues its growth phase amidst an unsettled political and legislative environment, the bank continued to play its part in the local economy through the provision of excellent service and a pioneering role in branch expansion,” he stated.

Meanwhile, Chairman of the GBTI Board of Directors, Mr. Robin Stoby, S.C., disclosed in his report that, out of the after-tax profit of $1.814B, the directors have recommended a total dividend payout of $16 per share.

He noted that, in 2012, the bank received the President’s Award of the Georgetown Chamber of Commerce & Industry (GCCI), given in recognition of the company’s achievements, its significant investments, and its growth and good corporate citizenship.

Stoby related that, during 2012, GBTI continued to collaborate with the Caribbean Association of Banks and the local Bankers Association on a number of key issues, and at the local level, the banks are close to finalising an arrangement with Visa International to facilitate the switching of local card transactions among them.

He added that GBTI is committed to reaching out to communities across the country, and, as such, its branching programme is continuing under the strategic plan.

In 2012, the bank’s Lethem branch was moved to a new location, and now provides a wider array of services to customers with a full suite of banking services. The opening of this new location saw the establishment of an Automated Teller Machine (ATM) facility, a first for Region 9 (Upper Takutu/Upper Essequibo).