Directors Report

The Directors have pleasure in submitting their Report and Audited Financial Statements for the year ended 31st
December,2007.

PRINCIPAL ACTIVITIES

The Bank provides a comprehensive range of commercial banking services.


FINANCIAL RESULTS

Net Profit After Taxation
$ 795,739,000
Interim Dividend
$ 80,000,000
Transfer to Statutory  Reserves
$ 67,701,000
Retained Earnings
$ 568,038,000
Proposed Final Dividend
$120,000,000

DIVIDENDS

The Directors recommend a dividend of $5.00 per share, of which $2.00 per share has already been paid.

RESERVES & RETAINED EARNINGS

After transferring the sum of $67,701,000 to the Statutory Reserve Account, the remaining sum of $568,038,000 was placed to the Retained Earnings Account.

SHARE CAPITAL

The authorised Share Capital for the Bank is $500,000,000 divided into 50,000,000 shares of which 40,000,000 have been issued and fully paid.

DIRECTORS

At the 19th Annual General Meeting of the Bank the followingpersons retired and were re-appointed Directors of the Bank

 

Mr. Paul Cheong
Mr. Kathryn Eytle - Mc Lean
Mr. John Tracey

In accordance with By Law 94 of the Bank’s By Laws, Mr. Robin Stoby,S.C and Mr. Edward A. Beharry retire from the Board, and being eligible, offer themselves for re-election. In accordance with By Law 97, the Directors appointed Mr. Michael Cummings and Mr. Carlton James to fill casual vacancies. Mr. Micheal Cummings and Mr. Carlton James, being eligible, offer themselves for election.

AUDITORS

Deloitte & Touche Chartered Accountants, Member of DTT International – Deloitte, Touché Tohmatsu, retire and being eligible, offer themselves for re-appointment.

PRINCIPAL ACTIVITY OF OUR ASSOCIATE COMPANY

The Bank owns 20% of the issued share capital of Guyana Americas Merchant Bank Inc. The principal activity of this associate company is the provision of investment management and advisory services. The Guyana Americas Merchant Bank Inc. operating profit for the year 2007 was $928,000 (2006 - $17,322,000).

DIRECTORS’ INTERESTS

The interests of the Directors holding office as at December 31, 2007, in the ordinary shares of Guyana Bank for Trade and Industry Limited were as follows:

 

Directors' Interest

Beneficial

Directors' Interest

Associate’s

Associate’s Interest

Beneficial

Associate’s Interest

Associate’s

Mr. Robin Stoby, S.C. Nil Nil Nil Nil
Mr. Edward A. Beharry Nil Nil Nil Nil
Mr. Inderjeet Beharry Nil Nil Nil Nil
Mr. Paul Cheong 64,429 32,000 32,000 NIl
Mr. Michael Cummings Nil Nil Nil Nil
Mrs. Kathryn Eytle-McLean Nil Nil Nil Nil
Mr. Carlton James Nil Nil Nil Nil
Mr. Basil D. R. Mahadeo Nil Nil Nil Nil
Mr. Radhakrishna Sharma 30,000 Nil Nil Nil
Mr. John Tracey Nil Nil Nil Nil

No Director or any associate of the Director has any right to subscribe to equity or debt securities of the Bank.

CAPITALISED INTEREST

The amount of interest capitalised by the Bank for the year was $42,206,418.

SERVICE CONTRACTS

There are no service contracts between the Bank and any of its Directors or any Director proposed for election at the forthcoming Annual General Meeting.

There were no contracts of significance in which the Directors had material interest.

The Bank leases space in its Regent Street branch building to Guyana Americas Merchant Bank, a Subsidary Company.

CONTROLLING SHAREHOLDER CONTRACT

The Bank maintains a non-contributory defined contribution pension plan which is administered under the terms of a Trust Deed by North American Life Insurance Company Limited, a wholly owned subsidiary of Edward B. Beharry and Company Limited. The Bank also maintains a non-contributory Group Life and Accidental Death & Dismemberment Plan and Group Health Plan with North American Life Insurance Company Limited.

 

BY ORDER OF THE BOARD

JOHN T TRACEY
DIRECTOR / SECRETARY


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