Bank was significantly improved with the addition of some 1854 New Customers and the opening of 6,369 new accounts
Basseterre, St.Kitts (Jaunary 21st 2016):- The election of a new Team UNITY Administration , the installation of a new board of directors and the hard work of Senior Management has seemingly been a good combination for the St.Kitts-Nevis Anguilla National Bank Group.
At the Companies’ Annual General Meeting on Thursday Janaury 21st at the Marriott St.Kitts the Bank Chairman Howard Mchechrane along with CEO Ms Dawn Williams both announced that the bank had seen significant growth and much improvement in 2015 over 2014 .
According to CEO Williams the SKNANB Group recorded an increase in Net Income of 12% from 25.3 Million to 28.5 Million and a 131% Increase in Commercial lending.
CEO Williams reported that the overall net performance the Bank was significantly improved with the addition of some 1854 New Customers and the opening 6,369 new accounts . Non-Interest Income grew by 13.9% from $69.1 million in 2014 to $78.7 million in 2015.
Total operating expenses of XCD 69.7 million for the year ended June 30, 2015 were XCD 10.1 million less than total operating expenses of XCD 79.8 million in 2014.
The overall Deposit book of the bank increased significantly by $488.2 Million or 19.5% to $3 billion from $2.5 Billion.
In the area of liquidity, cash and cash equivalents increased by EC$421 million or 55.2%.
Net profit before tax for the year was $23,380k compared to $1970k of the prior year. Total assets grew from $3,172,239k to $3,661,0020k while Shareholders Funds grew from $485,378k to $487,608k.
CEO of the National Bank Group Dawne Williams expressed much satisfaction and pride with the groups exceptional performance over the last year and expressed excitement about the Groups outlook for the future.
CEO Williams stated “I am extremely proud of what we have accomplished in the past financial year and quite excited about the National Group’s outlook for the future. The National Group will remain focused on its strategic priorities of broadening and deepening customer relationships, managing risks and positioning itself to grasp both organic and inorganic growth opportunities.”
In commenting on the report Chairman of the Board of Director’s Howard Mchechrane also expressed satisfaction with the group’s performance and outlined the fact that the group’s robust financial situation enables it to adequately manage unforeseen shocks and pursue and seize opportunities
“It is reasonable to conclude that the Group has adequate liquid resources to manage unforeseen shocks and seize new opportunities. As with any organization, the most important asset is the human capital. The Group is staffed by a solid resource of competent and dedicated personnel who are committed to the continuing success of the Company both in terms of financial results and satisfactory personal development,” Chairman Mchechrane stated.
Roughly 300 Shareholders attended the AGM and many expressed their satisfaction and pleasure with the tremendous performance of the bank over the past year. Chairman of the Bank of Nevis Banker Rawlinson Isaac along with well known Banker Charles Morton both commented that the bank , the Senior Management and the new board of directors had performed remarkably well.
The Group’s Board of Directors included Howard McEachrane Chairperson, Norton A. Bailey 1st Vice Chairperson, Alexis Nisbett 2nd Vice Chairperson, Talibah Byron Director, Elreter Simpson-Browne Director, Dr. Cardell Rawlins Director, Lionel Benjamin Director, Theodore Hobson Director, Director Hastings Daniel and Director Wallis Wilkin .
The retiring Directors by rotation were : Dr. Cardell Rawlins, Mr. Hastings Daniel and Mr. Alexis Nisbett.
Dr. Cardel Rawlins and Alexis Nisbett were both re-appointed while former Bank Chairman William Liburd was appointed to replace Hastings Daniels.
The Board will have much on it’s agenda for 2016 . Chairman Mchechrane indicated the negotiations regarding the Land For Debt swap will certainly be high on that agenda.