GBTI records 25% drop in profit

Stabroek News Sunday - - FRONT PAGE -

The Guyana Bank for Trade and In­dus­try (GBTI) has reg­is­tered an af­ter-tax profit of $1.52 bil­lion for 2017, sharply down from the $2.043 bil­lion profit in 2016.

Ac­cord­ing to its fi­nan­cial state­ments pub­lished in Fri­day’s Stabroek News, af­ter-tax profit slid by 25.57% and the bank also saw de­clines in in­ter­est in­come and loans and ad­vances.

In­ter­est in­come for the bank was down from $5.994 bil­lion in 2016 to $5,044 bil­lion last year. In­ter­est ex­pense de­clined sub­stan­tially from $912 mil­lion in 2016 to $789 mil­lion in 2017. Even so, its net in­ter­est in­come was sig­nif­i­cantly down from $5.082 bil­lion in 2016 to $4.254 bil­lion in 2017. There was a sub­stan­tial in­crease in other in­come from $1.133 bil­lion in 2016 to 1.626 bil­lion in 2017.

Op­er­at­ing ex­penses also rose sub­stan­tially from $2.798 bil­lion in 2016 to $3.412 bil­lion in 2017. Pro­vi­sion­ing for bad loans has de­creased sig­nif­i­cantly from $899 mil­lion in 2016 to $587 mil­lion.

Loans and ad­vances from the bank de­clined from $45.5 bil­lion in 2016 to $44.7 bil­lion in 2017. De­posits were down from $82.8 bil­lion in 2016 to $81.6 bil­lion last year. Tax­a­tion de­clined from $475 mil­lion in 2016 to $360 mil­lion in 2017.

Div­i­dends paid by the com­pany de­clined from $680 mil­lion in 2016 to $600 mil­lion last year.

Ba­sic earn­ings per share in dol­lars dropped from $51.09 in 2016 to $38.02 in 2017.

The bank’s con­sol­i­dated state­ment says that the loss at­trib­uted to an un­named as­so­ciate com­pany rose from $143 mil­lion in 2016 to $620 mil­lion in 2017.

Just over a year ago, in March, 2017, GBTI was hit by what was al­leged to be a $941 mil­lion fraud com­mit­ted by gold dealer Sid­diqi Ra­sul.

GBTI’s head­quar­ters at Kingston, Ge­orge­town

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