Very strong liquidity base with EC$1.4 billion in deposits as at July 2010: National Bank has EC$.7 billion in cash and near cash assets

Sir Edmund Lawrence (photo by Erasmus Williams)

ST. KITTS, DECEMBER 3, 2010 (CUOPM) – The indigenous St. Kitts-Nevis Anguilla National Bank continues to maintain a very strong liquidity base with more than EC$.7 billion in cash and near cash assets as at November 25th 2010.

This is according to National Bank’s Managing Director, Sir Edmund Lawrence.

“National Bank is growing. As at 25th November 2010, the Bank had assets of EC$2.272 billion, surpassing the assets of EC$2.243 billion in 2008, which had fallen to EC$2.062 billion in 2009,” Sir Edmund said in an interview with the Communications Unit in the Office of the Prime Minister (CUOPM) on Thursday.

Sir Edmund also disclosed that National Bank as at 25th November 2010, had deposits of over EC$1.5 billion, rising from EC$1.4 billion in July 2010.

Sir Edmund noted that National Bank, the largest in the Eastern Caribbean, has strong correspondent banking relationships with a network of the finest institutions in the world and has long and enduring relationships with VISA and MasterCard.

The St. Kitts-Nevis-Anguilla National Bank Group of Companies on Tuesday reported an Operating Income before tax of nearly EC$50 million and Net Income of almost EC$42 million for the financial year ending June 30, 2009.

The Annual Report indicated the National Bank Group of Companies achieved an EC$48.6 million profit before tax in the midst of a very challenging global economy.

The Managing Director informed shareholders of the Bank that the financial institution has a good ranking among banks in the United States of America and the World.

The 2010 publication of The Banker disclosed there are 9,442 banks in the United States of America and 1,000,006 banks in the World.

In the United States of America out of the 9,442 banks 175 banks, rank above the St. Kitts-Nevis-National Bank. In the World, National Bank ranks 1,089 out of one million and six banks.

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