Profits double at Trust Co.
Stabroek News
June 11, 2004
Trust Company (Guyana) Ltd. has reported after-tax profits of $42.3M for the year ending 2003, up from $20M in 2002. The directors recommended a dividend of 8% free of tax.
Income came from interest on loans; $48M as well as management fees of $30M and from treasury bills and short-term investments. Total income increased to $93.2M up from $88.7M in 2002. There were no provisions for loan losses this year as compared to $17M in 2002. Earnings per share worked out to .17 as compared to .08 in 2002. Expenses decreased from $49.2M to $36.5M.
In his annual report presented at the company's AGM, Chairman Yesu Persaud said increased profits were helped by the company's focus on consolidation of the loan portfolio and recoveries from delinquent borrowers.
He says though there is not much growth in the core trusteeship services, the company continues to build on its customer relationships by providing enhanced services especially in pension schemes fund management. Trust Company has also been appointed agents for the IPO of the new oil exploration company On Energy Inc and has been retained as the registrar.
For the last thirty years, the company has managed the Unit Trust investing primarily in local companies such as Banks DIH, Demerara Distillers Ltd, Guyana Bank for Trade and Industry and Guyana Stores Ltd.