opened for business on November 21

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Nearly 18 years after opening its doors for business, Demerara Bank says it has broken the billion-dollar-profit mark.According to the bank’s Chairman, Dr. Yesu Persaud, the performance by the bank is a record for the industry.In published financial statements yesterday, it was disclosed that the financial institution recorded $1.043B profit after taxes for the year ended September 30, 2012.Chairman of Demerara Bank, Dr. Yesu Persaud“I am pleased to report that the Bank had an exceedingly good year hitting the billion dollar mark of $1.043B in less than 20 years of existence. A record for the banking industry to date,” Persaud said.The profit performance would have meant an increase of approximately 6.1 per cent over the previous year.Loans and advances have increased from $12B to $15B with the net worth of the institution rising solidly from $4.4B to $5.7B, representing a 30 per cent increase over the previous financial year.“Demerara Bank being the only fully owned Guyanese Bank and the youngest Bank among all the commercial banks in Guyana, to reach a landmark figure of $1 Billion in profit is really an outstanding achievement for the Bank,” Persaud said yesterday.Significant improvements were reflected in deposit base of the bank which is at its highest of $35B, registering a rise of 16.7 per cent when compared to the 2011 corresponding year. Investments have also increased by 21.6 per cent to $15.2B; loans and advances grew by 25 per cent.Demerara Bank’s assets for the financial year grew to $42B compared with $36B at the end of September 2011.  Interest earned on income over the past year totaled $2.4B representing interest earned on both loans and advances and investment.  This compared with interest earned totaling $2.2B during the preceding year.Since opening its doors on Camp Street, the Bank now has a network of six branches and there are plans to add a brand-new head office shortly.Demerara Bank says that it had an exceedingly good 2011-2013 financial year breaking the $1B profit mark for the first time in its 18-year existence.Demerara Bank, described as Guyana’s first true indigenous Bank, opened for business on November 21, 1994.The last financial year, ending September 30, 2011, the bank amassed $984M net profit. (Leonard Gildarie)