GBTI records $1.7B taxed profit in 2021

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GBTI's Kingston Branch

The Guyana Bank for Trade and Industry (GBTI) has recorded $1.748 billion in profits after tax for the 2021 financial year.

According to the audited financial statements for the year ended December 31, 2020, this was an increase from the taxed profits of $1.365 billion recorded in the previous year. The profit before tax for 2021 was $2.239 billion.

The 2021 financial statements further indicated that GBTI’s total assets at the end of the audited period were $145.464 billion, while the total liabilities were listed at $126.325 billion for last year. These figures represent increases from the figures recorded in 2020, that is, $130.595 billion and $112.627 billion, respectively.

Loans and advances at the end of 2021 were $49.693 billion compared to $41.791 billion the previous year. In addition, investments for last year were listed at $54.357 billion, while property and equipment were valued at $7.610 billion at the end of 2021.

Deposits for the audited period last year were $123.460 billion, an increase from the $110.313 billion recorded the previous year.

Further, the Bank’s interest income increased last year to $5.316 billion from $4.670 billion in 2020, while the interest expense declined by $34.9 million to $636 million. These resulted in a Net Interest Income of $4.680 billion, representing an increase from 2020’s $3.999 billion.

Meanwhile, GBTI’s other income also grew to $1.962 billion last year compared to $1.437 billion the previous year. Operating expenses recorded an increase as well, moving from $3.821 billion in 2020 to $3.951 billion at the end of December 2021.

Additionally, the bank’s loaning provisioning net of recoveries stood at $454.3 million in 2021 against $228.6 million recorded the previous year.

Basic earnings per share also increased at the end of the 2021 financial year to $43.72 compared to $34.15 in 2020.

In its 2021 mid-year report, GBTI had recorded a profit after tax of $632 million for the six months ending June 30, 2021. This represents an increase of 18 per cent over the corresponding period in 2020.

GBTI Chairman, Senior Counsel Robin Stoby had also reported that the financial institution’s total assets similarly grew by 15 per cent to $139 billion, while deposits recorded at the end of this period stood at $119 billion.
At the time, Stoby was optimistic about the Bank’s performance for the rest of the 2021 financial year.

“The Bank’s improved performance is influenced by an improving loan portfolio as well as more favourable market conditions. We anticipate a similar trend for the rest of the year as the local economy continues to grow,” the Chairman said in his report.

Moreover, GBTI had posted a $1.365 billion profit at the end of the 2020 financial year, which saw a 7.9 per cent decline from the previous year.