St. Kitts – Nevis National Bank Reports EC$2.48 Billion In Assets

High Taxes Generate Revenue

High Taxes Generate Revenue

Basseterre, St. Kitts – Nevis
February 08, (CUOPM)

Ahead of its 41st Annual General Meeting next week, the St. Kitts-Nevis-Anguilla National Bank is reporting that total assets grew from EC$2.27 billion as at 30th June 2010 to EC$2.48 billion as at the 30th June 2011.

Net income before tax increased by EC$12.9 million from EC$33.8 million at the end of June 2010 to EC$46.7 million at the end of June 2011.

Net income after tax increased by EC$11.6 million from EC$33.2 million at the end of June to EC$44.8 million at the end of June  2011.

National Bank Chairman, His Excellency Ambassador Walford Gumbs said the achievement by National Bank over the last year is commendable in light of the global financial crisis that has been affecting economies on every continent.

He said it was hoped that by now some significant recovery would have been experienced. However, according to the Organization for Economic Cooperation and Development (OECD), leading indicators all point to a slowdown in economic activity in the Worlds’ major developed economies.

“This is certainly not good news for us in small developing economies in the Caribbean that suffer fallout from downturns in the developed countries,” said Mr. Gumbs, who commended the Directors and Staff for the achievement.

He said National Bank will continue to develop new products, continue its staff training policy, increase its customer share, improve customer service and staff efficiency.

“These measures are necessary to enable the Bank to stay on course and stem the tide of uncertainly brought about by a worldwide financial crisis,” said the Bank Chairman, who pledged National Bank’s continued assistance to community and youth programmes that are geared to the holistic development of young people.

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