The Guyana Bank for Trade and Industry (GBTI) has recorded an increase of 84% in its after tax profit totaling $1.163 Billion for the first six months of 2022.
The bank, in its mid-year report, said its total Assets also grew by 14% to $159B with deposits reaching a record of $135 Billion.
The bank has credited the increases to a number of factors including the continued commitment of its staff.
“GBTI’s improved performance was influenced by committed staff, an improving loan portfolio, favorable market conditions and stabilization at the national level,” GBTI said in a statement.
Due to its remarkable performance, the commercial bank has since moved to increase its interim dividend to $6 per share as compared to $3.5 per share in 2021. The bank also anticipates a continued trend to the end of this year as the local economy continues to grow.
In an attempt to cushion the impact of the sharp rise in cost of living globally, GBTI is providing ready and affordable access to finance in Guyana, it was noted.
“This facility, accessible at all GBTI Bank branches across Guyana is increasingly the preferred route for Guyanese to a high quality of life and making their dreams a reality,” it said.
It said too that its global partnership initiatives have produced major collaboration with international financial institutions such as the Inter-American Development Bank (IDB) and paved the way for the signing of an investment financing agreement between GBTI and IDB.
“In consonance with the Government’s housing policy, GBTI has lowered its rates and continues to work with the Ministry of Housing towards universal home ownership,” it added.
Additionally, in adherence to international Environmental, Social, and Governance (ESG) policies, the bank has fostered new and innovative alliances such as the one established with the country’s First Lady, Arya Ali and the National Beautification Project to execute the Kingston Seawall Redevelopment Project, which is set to be completed in December 2022.
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