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Businessuite 2023 #1 Guyana Chief Executive Officer – % Change US$ Profit after Tax |
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GY |
GY |
GY |
GY |
GY |
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US$000 |
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US$000 |
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% |
2019 |
2020 |
2021 |
2022 |
2023 |
|
Company |
Chief Executive Officer |
2022 |
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2021 |
|
Change |
4 |
4 |
4 |
5 |
1 |
GY |
Citizens Bank Guyana Inc. |
Eton M. Chester |
$8,644 |
|
$5,279 |
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63.74% |
5 |
5 |
5 |
4 |
2 |
GY |
Guyana Bank for Trade & Industry Ltd. |
Richard Isava |
$11,642 |
|
$9,588 |
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21.43% |
2 |
3 |
3 |
3 |
3 |
GY |
Republic Bank Guyana Ltd. |
Nigel M. Baptiste |
$20,572 |
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$17,909 |
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14.87% |
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|
|
|
4 |
GY |
Sterling Products Limited |
Ramsay Ali |
$892 |
|
$818.33 |
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9.06% |
2 |
2 |
2 |
2 |
5 |
GY |
Demerara Distillers Ltd. |
Komal R. Samaroo |
$25,552 |
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$23,950 |
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6.69% |
I am pleased to report that Citizens Bank Guyana Inc recorded a satisfactory performance during the just concluded financial year ended September 30, 2022.
Profits after taxation were $1.8 billion, an increase of $0.7 billion or 70.0% over the prior year.
Earnings per share increased to $30.3 compared to $17.7 in 2021, while our book value per share increased by 20.4% to $222.3 as at September 30, 2022, from $184.7 at September 30, 2021.
During the year we were able to achieve key strategic objectives in terms of growth in earning assets, revenue, and shareholders’ equity.
Return on Average Assets
The Bank’s return on average assets, a key indicator of the utilisation of our assets, was 2.1% compared to 1.4% in 2021.
Return on Average Equity
The return on average equity, a key measure of return on our capital employed, was 14.9% compared to 10.0% in 2021.
Shareholders’ Equity
Shareholders’ equity amounted to $13.2 billion at September 30, 2022, compared to $11.0 billion at September 30, 2021, after the transfer of net profits earned for the fiscal year 2022.
The Bank remains adequately capitalized, and at September 30, 2022, the Bank’s capital adequacy ratio computed in accordance with the Basle Committee guidelines adopted by the Bank of Guyana is 28.7%, well above the required minimum risk-based capital to risk weighted assets of 8.0%, and the proposed 12.0% with the imminent implementation of Basle II/III.
The Future
Guyana’s economy is projected by the International Monetary Fund (IMF) to grow by 25.2% during fiscal 2023, on account of the expansion of the petroleum and energy sector, anticipated improvement in the traditional non-oil sectors, and Government’s investments in significant transformative projects aimed at making Guyana a significant economic player.
Citizens Bank will remain committed to our tradition of sound corporate governance and risk management, including asset quality maintenance and the management of its expenses, our investment in technology driven products and services, and the continued development of our human resource and management, key to ensuring that the growth and stability of the company continues.
The relocation of the Thirst Park branch to a new state-of-the-art building at Mandela Avenue and David Rose Street will be concluded during the first half of the financial year, while construction of our ‘new’ Bartica branch will commence bringing much needed improvement to the delivery of service to our customers and future benefits for stakeholders.
During the financial year 2023, The expansion of our digital strategy will continue amongst other options, to include the implementation of workflow
technology as we transition from a paper-based system to a cost centric and modern system. The upgrade of our automatic telling machines (ATMs) will commence thus allowing Citizens Bank to join the national switch while our e-banking application will be upgraded, and a mobile banking application will be launched.
The anticipated growth of the Guyana economy will provide many opportunities for Citizens Bank, and we remain cautiously optimistic that we have streamlined our strategies and resources and will continue to seize and create opportunities that will produce sustainable results for our shareholders, customers, employees, and the communities in which we operate.
Mr. Eton M. Chester
Managing Director
Citizens Bank Guyana Inc
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