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November 16 2019

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As it celebrates its 25th anniversary Demerara Bank Ltd has registered an after-tax profit of $2.177b for the financial year ended September 30, 2019 and plans to pay out the highest dividend in its history.

According to its financial statements published in today’s Kaieteur News, this year’s after-tax profit is 6.7% above the corresponding period last year.

In his Chairman’s review, Dr Yesu Persaud said “As we look back on the history of the bank, we are proud of our progress over the last twenty-five years since it represents the bank’s continuous contribution to Guyana’s development. It was very challenging to form a totally indigenous Bank without the management, finance and technical collaboration from overseas institutions, but we have weathered the storm, emerging among our peers in many aspects. Today, through diligent efforts, we can say we have contributed to the country’s economy in multiple ways as one of Guyana’s leading financial institutions with our expanded network of seven branches and a team of over 200 employees”.

Persaud added that the Board of Directors has recommended a final dividend payment of $1.05 per share which if approved will bring the total dividend for the year to $1.40 per share and would be the highest payout since it began operations in 1994.

Interest income for the bank rose from $2.26b in 2018 to $2.6b this year.  The interest expense on savings deposits was up sharply from $273.6m last year to $358m this year. There was a small rise in the interest expense on term deposits from $484.8m last year to $491.6m this year.

Net credit impairment was also sharply up from $125m last year to $299.7m this year.

Taxation for the year was $1.23b compared to $1.08b last year.

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Prashad posted:

Does DDL own this bank.

http://www.demerarabank.com/about-page/our-history

The idea of a private sector bank was conceived by Dr. Yesu Persaud in the late sixties. It was held in abeyance but reactivated in 1991, at a time of Glasnost and more international openness.

The process of liberalization had just begun, with the shift from rigidly controlled to a more open economy emerging. Dr. Yesu Persaud’s entrepreneurial instincts, coupled with his solid understanding of the economy, led him to the view that there was a need for a truly Guyanese bank—a bank that would capture the latest technology and provide export trade finance, all while offering high-quality, personalized and competitive products and services. Indeed, Dr. Persaud envisioned a bank that would serve as a catalyst for growth.

It was the beginning of another chapter in Guyanese history - the first private sector indigenous bank was in the making. Demerara Bank Limited was incorporated on 20th January, 1992. A share capital of $250M was required. Dr. Yesu Persaud’s vast personal and indeed corporate connections (local and foreign) acquired through his chairmanship of Demerara Distillers Limited, were tapped into to secure backing for this venture. It received overwhelming support and was very largely over-subscribed.

On 12th November, 1994, Demerara Bank Limited was declared open by His Excellency, Dr. Cheddi B. Jagan, President of the Cooperative Republic of Guyana.

Today, Demerara Bank offers a wide range of commercial banking services to its corporate and individual clients through its Corporate Office and six branches strategically located across the country, as well as various ATM locations and Point of Sale Terminals.

Demerara Bank remains committed to Dr. Yesu Persaud’s vision and takes pride in providing innovative and superior banking services, which includes savings and term deposit accounts, loans, money transfer services, cambio services and Internet banking services. Additionally, Demerara Bank offers a special loan scheme geared towards Guyana's Go Green Initiative and is proud to be the first commercial institution to operate its Corporate Office solely on solar energy and has converted most of its locations to solar energy to reduce its carbon footprint.  Demerara Bank is the only principal member of VISA in Guyana and offers VISA credit, and soon, VISA debit, cards.  Demerara Bank is also committed to supporting causes related to sports, education, health and safety as well as other areas of community development in keeping with its corporate social responsibilities.

“We are committed to meeting the ever changing needs of our clientele and to always provide superior banking services.”

          -  Dr Yesu Persaud, Chairman

Django

The bank holds Guyanese ppl money. The bank has no money other than the profits syphoned off as rewards to the execs.

The ordinary Guyanese man and woman has lot of money. Dey doan need the ail money.

S
seignet posted:

The bank holds Guyanese ppl money. The bank has no money other than the profits syphoned off as rewards to the execs.

The ordinary Guyanese man and woman has lot of money. Dey doan need the ail money.

The interest on Business Loans are high, as low as 13% per anum.

Savings accounts [Kids] 2 %  and Savings 1.15 % per anum.

Django
Last edited by Django

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