Coalition’s reformist policies created environment for growth, development”
– Min Jordan lauds Citizens’ Bank 2019 performance
DPI, Guyana, Thursday, January 23, 2020
Finance Minister Winston Jordan had commended Citizens’ Bank on its exceptional performance for 2019. He noted that like many other banks and businesses, they have been exceeding expectations.
This, the veteran economist said due to the “Coalition Government’s positive, reformist policies that have created an engaging environment for growth and development.”
Citizens Bank performed well in 2019 and is focusing on expanding its services and branches. At the institution’s annual general meeting on January 21, Chairman of the Board, Clifford Reis announced that the bank generated profits of more than $955 Million in 2019, a 58.6 percent increase over the 2018 figures.
Reis credited the bank’s success to existing market factors “including, but not limited to, high liquidity and intense competition among leading institutions with a resultant decline in interest rates”.
He explained the bank is also seeing more customers servicing their loans with non-performing loans dropping by 4 percent. Citizens’ Bank also saw a 7.2 percent increase in deposits with private sector deposits expanding by more than 7 percent to $350 Billion.
According to Citizens Bank’s Chairman with “Guyana’s economy expected to see significant growth this year with the start of oil production, the banking sector is also expected to perform even better.”