The Guyana Bank Trade and Industry (GBTI) Group has once again recorded growth in its half-year profits, which increased to some $1.4 billion over the past six months.
This was revealed by GBTI Chairman Robin Stoby, in his report on the financial performance of the bank and its subsidiary for the first six months of the financial year ended June 30, 2023.
During the first half of the year, the Chairman said GBTI and its subsidiary recorded a profit after tax of $1,415 million compared to $1,291 million for the corresponding period in 2022. This represents an increase of 10 per cent or $124 million.
Stoby also reported that the group’s total assets also grew from $160 billion to $186 billion, a solid increase of 16 per cent.
According to the GBTI Chairman, the group’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,” Stoby stated.
Based on the unaudited financial statements, which were approved by the Board on July 19 and are published in today’s edition of Guyana Times, the after-tax profit for GBTI – Guyana’s largest indigenous bank – also increased over the past six months to $1,384 million. This is compared to $1,163 million recorded during the same period last year.
GBTI’s total assets for the current reporting period also went up to $185 billion from the $159 billion net in the first half of 2022.
Nevertheless, as a result of the improved performance, the GBTI Board declared an interim dividend of $13 per share.
However, even as the GBTI Chairman looks forward to a similar growing trend for the second half of 2023, he is still cognisant of various global events that could potentially impact the local economy.
Stoby pointed out that the world economy is facing severe headwinds amid weak growth prospects, elevated inflation, and heightened uncertainties.
“A confluence of factors, including legacy effects of the COVID-19 pandemic, the protracted war in Ukraine, the ever-worsening impacts of climate change, and rapidly shifting macro-economic conditions, are weighing on the global outlook,” he noted.
Global growth is now projected to slow from 3.1 per cent in 2022 to 2.3 per cent in 2023. Stoby added that the current rising interest rate environment is expected to cause slowdowns in the developed world.
Back in March of this year, GBTI had reported that 2022 was an exceptional year for the bank, with a net income after tax of $2.3 billion. In addition, 2022 ended with $175 billion in total assets, along with an exponential improvement in its asset quality.
