BASSETERRE, St. Kitts –- The St. Kitts-Nevis-Anguilla National Bank Limited holds its annual general meeting this afternoon and will report another successful year of operations with a net income after tax of $52.1 million.
The National Bank is the largest bank in the Eastern Caribbean Currency Union (ECCU). The bank’s annual report represents an increase of $12.6 million or 32 percent from last year’s reported profit of $39.5 million and an increase of $23.7 million or 83 percent from the reported profit of $28.4 million in 2016.
The Accounts for the year ended June 30, 2018 will be discussed today during St. Kitts-Nevis-Anguilla National Bank Limited Annual General Meeting at 5:00 p.m. at the Park Hyatt St. Kitts.
All shareholders of record as at October 31st, 2018 will be entitled to receive a dividend in respect of the financial year ended June 30, 2018. National Bank is a public limited company, with the majority shareholder being the Federal Government of St. Kitts and Nevis.
Also of note in the Accounts, total loans and advances to customers increased by $61.5 million or 8 percent to $828.9 million in 2018 over 2017. Loans and advances by National Bank have increased steadily over the years, with the 2018 figure representing an increase of 24 percent over 2014.
“The Bank has recently rebranded its GRASP and HELP programmes as the National PRIDE and the GRAD programmes respectively, with the aim of providing even more financial support to the local economy,” Alexis Nisbett said in his Chairman’s Report published in National Bank’s 2018 Annual Report. GRASP refers to the Graduate Relief Assistance Student Programme and HELP refers to the Housing Enhancement Loan Programme.
The Bank’s Chairman also stated, “The Board is heartened by the performance of the Bank and the Group over the course of the Year. The performance of the Bank reflected in the Profits seen is a testament to the people involved with the daily operations of the Group of Companies. In fact, the Net Income for the Year is second only to Financial Year ended June 30, 2008 – a year in which the Bank received a windfall from the sale of securities.”
Prime Minister and Minister of Finance, Dr. the Honourable Timothy Harris commended the stellar performance of National Bank, while noting the “hard work, professionalism and dedication of its board, management and staff who strive day in and day out to ensure that the indigenous bank, which grew out of and because of the people, continues to serve and uplift our beloved people and country of St. Kitts and Nevis.”
