Citizens Bank Guyana Inc has recorded a $440.8M after taxed profit for the first six months of 2016 financial year.
According to the Bank’s Interim Report for six months ending March 31, 2016, taxed profits amounted to $440.8 million compared to $459.3 million for the corresponding period in 2015. Citizens Bank is a 51 per cent owned subsidiary of Banks DIH Limited.
Meanwhile, the interest income for the six-month period was $1.6 billion, while interest expense was $343 million, resulting in a net interest income of $1.2 billion, which is the same as what was recorded for the same period last year. Other income, the Interim Report detailed, was $206.2 million resulting in a surplus before Non-Interest Expenses of $1.4 billion, the same as the corresponding period last year.
Furthermore, it was outlined that operating expenses were pegged at $621.6 million compared to $562.0 million for the corresponding period in 2015. Inflationary increases in goods and services were the major contributors to the increase in operating expenses.
Additionally, Citizens Bank’s earnings per share for the six-month period were $7.4 in comparison to $7.7 for the same period in 2015. Inflationary increase in goods and services were the major contributors to the increase in the Bank’s operating expenses.
The statement further outlined that net loans and advances balance was $29.4 billion at the end of March 2016, compared to $31.8 billion at March last year. Net Investments were $1.6 billion compared to $0.9 billion in 2015.
Total deposits balance was $38.3 billion, compared to $34.7 billion at March 31 last year. Moreover, the board of directors has approved an interim Dividend of $0.70 per share, the same as the corresponding period last year.
According to the Bank: “The remaining six months of our financial year will require us to overcome many challenges. Citizens Bank Guyana Inc is however, optimistic that our strategies will yield a satisfactory performance that will result in increased shareholders’ value.”
In its annual financial statements for last year ending September 30, 2015, Citizen Bank recorded an increase in its revenues for the year but at the same time saw its profit after tax reduced, compared with the previous year.
The Bank’s revenue increased by 15 per cent or $491.0 million; that is, from $3.217 billion in 2014 to $3.708 billion last year; while it’s profit after tax was $907.0 million when compared to $989.1 million in 2014.