Businessuite 2018 Top Guyana CEO – Eton M. Chester Managing Director, Citizens Bank Guyana Inc.
Mr. Eton M. Chester, is the Managing Director Citizens Bank Guyana Inc.
The Bank provides a comprehensive range of banking services at six locations within Guyana. The main office is located at Lot 231- 233 Camp Street and South Road, Lacytown, Georgetown and branches situated at Parika, Bartica, Thirst Park, Linden and New Amsterdam.
Citizens Bank Guyana Inc. recorded a profit after taxation of $726.6 million compared to $479.1 million the prior year representing an increase of $247. 4 million or 51.6 %.
During the year, cognizant of the ongoing challenges in operating environment, which challenges included underperforming economic sectors, an increasing level of non-performing loans, slow projects implementation, high liquidity and a reduction in the availability of foreign currency, emphasis was placed by the Bank on improved risk management and asset maintenance, and cost control, the result of which was pivotal to the performance reported.
Net Income for the year ended September 30, 2017 was $2.9 billion compared to $2.6 billion the prior year, an increase of $0.3 billion or 11.5%. Profit Before Taxation was $1.2 billion compared to $0.7 billion in the prior year, an increase of $0.5 billion or 71. 4%.
During the year, total revenue grew by $0.3 billion or 9.0% to $3.6 billion, while balances for total assets, loans, and deposits declined marginally.
The return on average assets was 1.5%, while the return on shareholders’ equity was 9.2% compared to 1.0% and 6.5% respectively in the prior year.
The Bank’s loan portfolio continues to be relatively sound. However, the various challenges experienced by customers because of the decline in business activities during 2017 remain and continue to impact the performance of overall portfolio. Non-performing loans at September 30, 2017 represented 13.1% of total loan portfolio compared to 15.5% at September 30, 2016.
The consolidated banking sector ratio for nonperforming loans was 13.2% at September 30, 2017.
The Bank’s shares were last traded on the local stock exchange at $144.00 per share.
To view View 2017/18 Annual Report click HERE