Demerara Bank records Zero Non-Performing Loans

Notable in Guyanese history to the present day, is the performance of Guyana’s indigenous bank, Demerara Bank. Mr. Pravichandra Dave, CEO of Demerara Bank, stated that one of the banking sector’s primary roles is to participate in the growth of society. He described, “We want to work as a catalyst to the economic development of this country. Our thinking is that oil and gas is not the only sector Guyana should look at. Guyana is a highly diversified economy and we should look at all sectors of it.” This connection is made to the bank’s outstanding achievement dated as of September 2022, where non-performing loans laid at zero. Mr. Dowlat Parbhu, General Manager, shared that advances grew 116% over the last five years. Demerara bank garnered $2.9 billion in after-tax profits in spite of the devastating effects on trade, investment and supply chains as a result of the COVID-19 pandemic, and the Russo-Ukrainian war. Mr. Dave proudly spoke of the opening of Demerara Bank’s corporate office at Mahaica, and their strategy to expand in areas that are “unbanked”. In strengthening their loan portfolio, he too, took pride in the commissioning of the $150M Demerara Bank branch at Leonora, West Coast Demerara (WCD) which may be completed within the next 18 months. This investment will see an initial 75 000 people benefiting from banking services.

Source(Newsroom)

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22 Nov 2022 10:45 | by anaraine

| Banking, Investment and Financial Services