Prime Minister Harris Congratulates National Bank on Its Second Highest Net Income in the Bank’s History
BASSETERRE, St. Kitts, November 28, 2019 (Press Unit in the Office of the Prime Minister) – Prime Minister of St. Kitts and Nevis, Dr. the Honourable Timothy Harris, has voiced his satisfaction with the performance of the St. Kitts-Nevis-Anguilla National Bank, which recorded yet another stellar fiscal performance for the financial year ending June 30, 2019.
Net income for the bank is the second-highest in its history at just over $52 million and total assets are reported at a significant $3.69 billion.
Addressing today’s (Thursday, November 28) sitting of the National Assembly, under the section “Statements by Ministers” on the Order Paper, 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.
Prime Minister Harris, who is also Minister of Finance, further stated that according to the bank’s annual report, “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.”
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 honourable 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 December 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,” Prime Minister Harris said.