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Businessuite 2022 Top Guyana Chief Executive Officer – % change US$ Profit after Tax |
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CR |
NR |
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US$000 |
US$000 |
2022 |
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2022 |
2022 |
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Company |
Chief Executive Officer |
2022/2021 |
2021/2020 |
% change |
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14 |
1 |
GY |
Guyana Bank for Trade & Industry Ltd. |
Mr. James Foster |
$9,588 |
$6,126 |
57% |
Mr. James Foster Chief Executive Officer Guyana Bank for Trade & Industry Ltd.
(About from LinkedIn)
I have enjoyed a track record of delivering results through inspiration and innovation.
As a people-focused leader, I strongly embrace knowledge transfer and continuous improvement. My personable and collaborative style fosters team and cross-functional collaboration. As a result, I have successfully completed multi-disciplined roles including Operations, Business Development, Business Transformation, Strategy Planning & Implementation and Sales & Service Management.
Within Canada, the USA and the Caribbean, I have been entrusted with the responsibility for success in the following high-stakes situations:
– Identifying, initiating, and coordinating the purchase offer of an offshore banking operation.
– Developing and implementing strategies to realize growth goals.
– Leveraging technology and processes that improve operating margins & employee & client satisfaction.
– Optimizing operations to enable focus and resources on initiatives that drive profitable growth.
– Outsourcing & in-sourcing processes to improve operating flexibility and resource leverage.
– Purchasing & managing the implementation of PeopleSoft v8.1.
– Developing growth strategies through strategic alliances, and integrating alliance developments into change management strategies.
– Strengthening key operating and functional units in support of ongoing acquisitions.
From my international assignments, I have developed a unique combination of business, project and people acumen, cross-cultural heritage, emerging market expertise, and a wide network. My breadth of experience, multi-industry and international exposure allows me to work effectively with people at all levels and cultures, and has seen me develop the skills and understanding to engender transformational change and maximize the yield of scarce resources.
I enjoy sport, flying and travel. Above all, I am a committed father and I contribute time to events that support children and sport.
Corporate Profile
Guyana Bank for Trade and Industry Limited has a rich and successful history of over 185 years that began with the establishment of the first commercial bank in British Guiana, the Colonial Bank, in May 1836, continuing with the operations of Barclays PLC.
In 1987 the assets and liabilities of Barclays PLC were acquired by the Government of Guyana and renamed Guyana Bank for Trade and Industry Limited, whose doors were opened to the public on 1st December 1987. In January 1990 G.B.T.I. merged with Republic Bank (Guyana) Ltd. formerly Chase Manhattan Bank N.A, and in 1991, the bank was privatised. With over 1,800 shareholders, the majority shareholder of the bank is Secure International Finance Company Inc. with 61% of the issued shares.
Today, GBTI provides an extensive range of services to its corporate and individual clients through its thirteen (13) countrywide branches – personal savings, business and investment accounts; personal, housing and business financing; GBTI Debit Card and VISA International Prepaid and Credit Cards, Online Banking and Mobile Banking.
Financial Performance
The positive economic growth has increased the demand for financing and the Bank has embraced this thrust prudentially. Our Loan Portfolio truly reflects the economic sector of our country as we continue to be a lead lender in the Agriculture sector.
The Oil and Gas services sector has provided good opportunities for lending as reflected by the portfolio growth. Household borrowings have also increased on account of the booming real estate market and government’s housing initiatives.
Loan portfolio quality improved with net nonperforming loan (NPLs) below 10%. The
crystallization of our remedial efforts has led to the improved quality. Even with these positive developments, the Bank made additional prudential provisioning in line with the increased regulatory requirements.
Total Income on Loans and Advances was $3.9B, an increase of 35% over 2020. The Bank extended relief to our customers who experienced challenges caused by the pandemic. These included interest rate reductions, moratoriums and realigned payment patters that aligned with realistic expectations.
Investments And Treasury
Total Investments were $54B at year’s end, a growth of 26%. The Bank continued to deploy excess funds in safe liquid instruments. Our largest exposure continues to be local Treasury Bills. Given the market volatility that ensued in 2021, the Bank took prudent measures to ensure stability. Interest from Investments was recorded at $1.35B, a decline from last year. Expected Credit Losses on our Investment Portfolio remains marginal.
Cash and cash equivalent holdings at the end of the year was $31B. As the volume of local treasury bills issued increased, the Bank took advantage of these short-term interest-bearing instruments. While the returns are lower, these instruments allowed for access to liquidity.
Good growth from foreign exchange trading and commission income were also realized.
Deposits
Deposits offers a sound stable base of funding for our lending and investing activities and GBTI continues to be among the leading deposit institutions in the economy. Our deposit portfolio remained consistent and ended the year $123B a growth of 12%.
Capital Adequacy
During 2021, the Central Bank introduced Basel II. GBTI’s Capital Adequacy Ratio under this new more stringent regime was 16% exceeding the benchmark of 8%. The Bank’s Liquidity Coverage Ratio (LCR) was, 101% and the Net Stable Funds Ratio was 192%, both significantly above benchmarks. Stress Testing results confirmed the adequacy of the Bank’s capital to withstand market shocks.
GBTI Mutual Funds
GBTI family of Mutual Funds was launched in 2018 as an alternative investment vehicle for potential investors in Guyana. On account of the recovery in the international markets as well as efficient portfolio management, the funds showed improved performance in 2021 and recorded a net profit after tax of $208M. Assets under management grew by 15% to $1.7B and supported a distribution of $44M.
GBTI Property Holdings Inc
The property management arm of the group continues to show good improvement and with the growing real estate market, is expected to see increased activity. Profit after tax was recorded at $2.4M.
https://www.gbtibank.com/wp-content/uploads/2022/05/GBTI_Annual_Report_2021_0411_single_pages.pdf
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