GBTI nets $3B profit in 2023

The content originally appeared on: INews Guyana
GBTI Headquarters in Kingston, Georgetown

The Guyana Bank of Trade and Industry (GBTI) today announced a net profit of $3 billion for the year 2023, a 30 per cent increase from the previous year—an accomplishment that was driven by prudent cost management and a focus on improving operational efficiency.

This signals the banking institution’s growth trajectory, marking increased financial profitability, and according to the bank, this performance was driven by prudent cost management and a focus on improving operational efficiency.

Chairman of the Board of Directors, Robin Stoby, said the report on the financial performance of the bank and its subsidiary for the financial year ended December 31, 2023, was approved by the board on February 16, 2024.

He said he is pleased to report that the bank has shown resilience and achieved significant milestones over the year.

GBTI Chairman Robin Stoby

“In 2023, the bank and its subsidiary recorded a total asset base of G$201B, reflecting an increase of 15% from the previous year. This growth was primarily driven by a strong performance in our lending portfolio, which saw an 18% increase in overall loans and overdrafts compared to the previous year. Our deposit base also grew by 17%, reaching G$168B, indicating a high level of trust and confidence from our customers,” Stoby noted.

The bank, he added, was able to produce financial performance, reporting a net profit of G$3B for the year 2023, a 30 per cent increase from the previous year, driven by prudent cost management and a focus on improving operational efficiency.

“Looking ahead, we remain cautiously optimistic about the future. As the local economy continues to grow at a rapid pace, we believe that our strong financial position, coupled with our focus on innovation and customer service, will enable us to leverage these opportunities and continue to deliver value to our shareholders.”

The chairman thanked the customers, shareholders, and employees for their continued support and dedication. Further, he expressed his gratitude to the Board of Directors for their guidance and oversight throughout the year.

“I am confident that with the collective effort and commitment of all stakeholders, the bank will continue to grow and succeed in the years to come.”