Demerara Bank net profit up by 31%

Demerara Bank Limited has registered a net profit of $2.95b for the year ended September 20, 2021 compared to $2.26b in the previous year, representing a rise of 31%.

In the financial statements published in Monday’s edition of Stabroek News, Demerara Bank Chairman Yesu Persaud said that the higher profit was achieved despite the COVID-19 challenges.

The gross profit of $4.89b for 2021 was 40% higher than the $3.50b in the previous year.

Persaud said that the Board of Directors has recommended a final dividend payment of $1.6 per share while the interim dividend paid was $0.40 per share. This proposed dividend payout of $2 per share would be the highest in the history of the bank if approved by shareholders at the upcoming Annual General Meeting.

According to the financial statements, income from loans and advances rose by 10.37% from $3.13b in 2020 to $3.46b this year. Total interest expense fell from $907.9m in 2020 to $876.8m this year.

Total taxation for 2021 was $1.9b compared to $1.2n in 2020.

Earnings per share in dollars was 6.56 in 2021 compared to 5.03 last year.