Eastern Caribbean Central Bank posts first net profit in four years
Thursday, July 27 2017 @ 05:28 AM AST
Contributed by: michaelariston
Eastern Caribbean Central Bank (ECCB) turns profit after three consecutive years of losses
Although its total comprehensive loss for the year almost doubled, the institution reported a net profit for the fiscal year ended March 31.
"The 2016/17 financial year was a year of recovery for the ECCB as the Bank reported a net profit of EC$6.3 million, an increase of EC$16.3 million (163.12 per cent) compared to the previous financial year where a net loss of EC$10.0 million was reported," the ECCB said in its annual report released yesterday.
"Operating income for the 2016/17 financial year continued on an upward trend, growing from EC$61.0 million to EC$77.5 million, an increase of EC$16.5 million or 27.07 per cent over the previous year. This performance was largely driven by an increase in interest income on the Bank’s foreign reserve portfolio coupled with the recognition of income from banking licence fees and penalties," the ECCB said.
SOURCE: ECCB Annual Report 2017