The 2021 financial year ended with the Banks DIH group of Companies and its 51 percent owned subsidiary Citizens Bank Guyana Inc recording massive profits, illustrating sound financial management despite the challenges of the COVID-19 pandemic. 

According to the Banks DIH annual report for the financial year ending on September 30, 2021, the company recorded 6.7 billion GYD in after-tax profits. 

Comparatively, a total of 5.27 billion GYD in after-tax profits was recorded at the end of 2020. Therefore, the profits accumulated in 2021 reflected an increase of $1.5 billion- or 28.6 percent.

The company’s Chairman and Managing Director Clifford Reis attributed the increase in profits to an increase in the physical sale of products, an increase in dollar sales turnover, improved management of operational expenses and better yields derived from raw material utilisation. 

With this increase in profits, the company recommended a dividend proposal of 1.70 GYD per share unit. That would result in an overall cost of 1.4 billion 

Generally, the company managed to earn 35.8 billion GYD in revenues, a 5.39 billion GYD increase from the 30.46 billion GYD earned in 2020. 

It is important to note that this positive performance was recorded amid the overarching challenges of the COVID-19 pandemic- resulting in supply chain disruptions and COVID-19 restrictions. 

“There were unavoidable increases in the cost of raw and packaging materials, spares and fuels as well as their availability due to the global supply chain issues caused by the COVID-19 pandemic,” the Chairman pointed out. 

He, however, highlighted that those challenges were addressed with investments in upgraded machinery, innovative product offerings and more prudent financial management. 

The company’s Automotive business- Banks Automotive and Services Inc- a 100 percent owned subsidiary, amassed revenues totalling 57.5 million GYD and 2.1 million GYD in profits before tax.

Notably, too, Citizens Bank saw a 200 million GYD increase in revenues, resulting in 1.05 billion in after-tax profits. These profits were an increase of 73 million GYD compared to 2020. 

Citizens Bank’s net income at the end of the financial year was 3.6 billion GYD compared to the 3.4 billion GYD accumulated in the preceding financial year. 

Reis, who serves as the bank’s Chairman too, noted that this is the largest profit-after-tax accumulated over five years. Over the past five years, revenues have been steadily increasing. 

And the bank’s total assets grew by 29.6 percent, customers’ deposits by 34.6 percent, receivables/loans by 6.5 percent, and gross revenue increased by 5.3 percent.