Demerara Bank has recorded a net profit of $984 million for the financial year ended September 30, 2011; an increase of 15.36% over the previous year.
According to a statement released by the bank yesterday, its deposit base for the financial period is at its highest at $30.2 billion, a rise of 4.5% compared to the previous year.
Its investment also increased by 26.26% to $12.5 billion, while loans and advances grew by 21.21%.
Demerara Bank’s assets totalled $36.2 billion at the end of September comparing favourably with the corresponding period last year when the total stood at $53.5 billion.
The release said interest on income at the end of the financial year was $2.2 billion compared with $1.9 billion for the preceding year.
Along with its solid financial performance, Demerara Bank opened two branches during this year—at Diamond East Bank Demerara in February and at Le Ressouvenir, East Coast Demerara in October.
Demerara Bank, Guyana’s only indigenous commercial bank, opened for business on October 31, 1994.
