Local commercial bank, Citizens Bank, had a very good 2019 and the bank is now focusing on expanding its services and branches.
At the annual general meeting of the bank on Tuesday, Chairman of the Board, Clifford Reis revealed that in 2019, the bank raked in profits of more than $955 million which represents a 58.6% increase over the 2018 figures.
Mr. Reis credited the bank’s success to existing market factors “including, but not limited to, high liquidity and intense competition among leading institutions with a resultant decline in interest rates”.
He noted that the bank is also seeing more customers serving their loans with non-performing loans taking a 4% dip.
Mr. Reis said the bank has been working closer with its customers. The bank saw a 7.2% increase in deposits with private sector deposits also growing by more than 7% to $350 Billion.
The Citizens Bank Chairman said that with Guyana’s economy expected to see significant growth this year with the start of oil production, the banking sector is also expected to perform even better.
Finance Minister Winston Jordan attended the meeting and congratulated the bank on its growth, noting that with the economy of Guyana growing even more, the banking sector will also see significant growth.