Bank of Baroda (Guyana) registered after-tax profit of $156.6M

The Bank of Baroda (Guyana) Inc. notched up an after-tax profit of $156.6M, a sharp increase from the $103.4M recorded the previous year.

According to the Bank’s statements for the year ended 31st March, interest income grew to $438,824,000 up from the $356,356,000 for the previous financial year. The statements were placed in  the Guyana Chronicle.

Interest income for the year was pegged at $438,824,000 on the back of $273,981,000 in interest from loans and advances and $129,928,000 as interest from investments in Treasury bills.  The revenue earned from loans and advances the previous year was $210,769,000 and $112,158,000 as interest from Treasury Bills.  Significantly, interest from Foreign Bank Deposits dropped from $17,495,000 during the previous financial year to $10,752,000 last year. The Bank’s interest expense for last year was $201,880,000 up from the $177,247,000 in 2010.

The increase was based on expenses described only as “Other” which totalled $114,491,000. Net income before taxation was $264,021,000. The bank has $903,669,000 in deposits with the Bank of Guyana, increasing from the $839,417,000 it had in the bank last year.

Investments in treasury bills totalled $5,952,252,000, an increase from the $3,077,540,000 it had the previous year.  Loans and Advances also increased to $2,185,544,000 from the $1,798,323 in 2010.

The Bank’s share capital was pegged at $750,000,000 while the figure for the previous year was $325,000,000.  Retained earnings were $497,509,000 compared to $364,025,000 in the previous year.

The Bank’s statutory reserve totalled $103,742,000, an increase from $80,565,000.

The Bank of Baroda (Guyana) Inc. is a subsidiary of the Bank of Baroda of India.

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