ECCB Reports Record Profits for Financial Year 2019-2020

8
Antoine

The 2019/2020 financial year, which ended on
31 March 2020, was a record-breaking year for the Eastern Caribbean Central Bank (ECCB) as the Bank posted its best financial results since its establishment in 1983.

The Bank reported a net profit of $63.1 million, exceeding the previous year’s profit by $30.4 million or 93.0 per cent.

The Bank’s Annual Report and Statement of Accounts for the financial year ended 31 March 2020, which was published on 30 June, indicates that the upturn in profit was attributed to realised gains on disposal of investment securities and net gains on mortgage-backed securities.

Reflecting on the ECCB’s performance for the year, Governor, Timothy N. J. Antoine said, “prior to and even in the midst of the COVID-19 pandemic, your Central Bank delivered in 2019/2020 on the goals outlined in the Strategic Plan 2017-2021, supported by strong partnerships regionally and internationally.”

Some of the key achievements in the 2019/2020 financial year included: work on the development and testing of the DXCD application in preparation for the launch of the pilot; enhancement of the security and durability of the EC notes through the issuance of a new family polymer notes; the completion of Phase I of the Solar Canopy Project, which allows part of the ECCB campus to be powered using electricity generated from renewable energy and the Bank’s swift response to the COVID-19 crisis in an effort assist member countries.

Governor Antoine says that during the new financial year, the ECCB will remain committed to its transformation agenda and continue to implement a number of initiatives as outlined in its 2017-2021 Strategic Plan including:
Implementation of the Digital EC Cash Pilot Project;
Operationalisation of the Eastern Caribbean Partial Guarantee Corporation;
Implementation of the Caribbean Digital Transformation Programme in collaboration with member countries and regional and international partners;
Completion of Phase II of the Greening of the ECCB Campus Project; and
Launch of ECCB’s 2021-2026 Strategic Plan.

The ECCB 2019-2020 Annual Report and Statement of Accounts is available on the Bank’s website.

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8 COMMENTS

  1. and meanwhile everyone on Antigua is unemployed with not a cent given by the bank to help. Instead the only choice we are given ifs to reopen the borders and bring back covid

  2. I believe it is time to re-purpose the bank. Give it a new mandate as to how they can assist the local economies. And not how to make profits. Put the money into our local banks to create liquidity and lower interest rates so that the businesses can finally get cheap money to invest in the economy. It is sad how the ECCB stand by the sideline and watch how banks are charging us hefty fees and interest rates. What the hell are they regulating? There should be some control in interest rates and fees that banks can charge to clients. Having this kind of news at this time is not a good thing. It’s sad. Let’s analyze where the banks make most of their monies and see whether this is fair to the customers. Sending a little EFT from one bank to another $20.00. Total rip-off. My God is there no one going to stand up for us the customers. Do we have to accept any and everything from these bankers and their shareholders. Come one man I am a shareholder in ACB but this practice is wrong.

  3. $63.1 MILLION NET PROFITS.I WOULD LIKE TO SEE THE GROSS PROFITS NUMBERS.
    What purpose does that Bank serves?The operative word in my question is “purpose”.As the oversight of all domesticated Banks.You and those Banks are ripping people off.I heard a lady called into a Radio Station.She is a customer of a Bank in Antigua,ACB.She went to withdraw monies from her account and the Bank charged her $50 EC,for doing so.Because they say the withdrawal amount was high.I have never had to pay at any Bank.To withdraw my own darn money from any of my accounts.I do not have any accounts at ACB.Chances are that would never ever happen.Why you ECCB,do not give some of your huge profits of which you boast to the inner cities of your member States.To help lift the poor and down trodden out of poverty.

    • You have heart to believe that let alone type it about bank charging $50. Does that make any darn sense to you honestly as a black-man?

      • You can ask the customers of that Bank.This was a customer of that Bank.She was very upset.She called onto the Radio Station mad as heck.That the Bank charged her $50 for withdrawing $6000.00.Not my story,hers,the customer story.I am only relaying what she said publicly on the air.

    • It is clear the charging of fees by the banks is out of control and something needs to be done about it. Where do people go to have these issues address. Even the PM ad one time was appalled when he was reading the financial statement of one of the bank to see the amount of profits they recorded on the line item Fee Income. It is absurd. But obviously he can not do anything about it. I wonder who is and how can this e regulated. Is it the consumer affairs department or the ministry of trade? Someone please help us. We need to curtail banks from overcharging the public for any and everything.

  4. Hopefully they can spend some of the profit to stimulate the EC countries economies as the Central bank has a big role to play going forward after covid 19.

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