Prime Minister of St. Kitts and Nevis, Dr. the Honourable Timothy Harris, voiced satisfaction with the performance of the St. Kitts-Nevis-Anguilla National Bank, which recorded the second-highest net income in its history at just over $52 million and total assets reported at $3.69 billion for the financial year ending June 30, during Thursday’s sitting of the National Assembly.
Prime Minister Harris applauded the bank and “the excellent cadre of leaders at the operational level and the higher echelon of the board for recording the second highest net income in the history of the bank at $52.3 million. This of course must bring high confidence in the management and leadership of the bank by its 267 employees and its 5,596 shareholders,” while addressing the National Assembly under the “Statements by Ministers” section.
“The book value per common share moved from $3.52 in 2015 to now where it’s at $4.50—a significant increase and indeed an indication of the healthy standing of those who have shares and the bank at large,” said Prime Minister Harris, who is also Minister of Finance, citing the bank’s annual report.
With an asset base of $3.69 billion, the St. Kitts-Nevis-Anguilla National Bank is the largest indigenous bank in the Eastern Caribbean Currency Union (ECCU).
“To have the largest bank operating here being managed by our own people is a significant accomplishment which should not go unnoticed. So again, I hail our sons and daughters who work and who manage there,” the prime minister added.
Prime Minister Harris indicated that this year, the Board of Directors proposes a 15 percent dividend per share, up by 50 percent from last year, and if approved at the bank’s Annual General Meeting in early December, shareholders will participate in dividend payout of $20.3 million in Dec. 2019.
“This will be up 50 percent over the $13.5 million that was paid out in 2018. That is good news for Christmas and for the year ahead,” he said.