Loans by the Guyana Bank for Trade and Industry for 2012 rose by 46.8% over the 2011 figure, driving its profit for the period up by 32% and the bank says it is gearing for stricter money laundering laws and compliance with the US Foreign Account Tax Compliance Act (FATCA).
The bank made a profit of $1.8B for 2012 compared to $1.3B in 2011. Its annual report for 2012 stated that its performance was driven mainly by its loan portfolio. Total loans at the end of the year stood at $35B which reflected a net growth of $11.3B or 46.8% over December 2011. The bank, which will hold its Annual General Meeting on June 10, 2013, said that it now has 22% of the banking industry’s loan portfolio compared to 18% the previous
