2019-2020 Annual Report and Statement of Accounts

FINANCIAL RESULTS Statement of Profit or Loss

Chart 9 - Income Mix 2020 (EC$000s)

The 2019/2020 financial year was a record-breaking year for the ECCB as the Bank posted its best financial results since establishment. The Bank reported a net profit of $63.1 million for the year ended 31 March 2020, exceeding the previous year’s profit by $30.4 million or 93.0 per cent. The upsurge in profit was primarily attributable to an increase of $32.4 million in gain on sale of foreign investment securities. Operating income for the financial year ended 31 March 2020 rose by $36.5 million (33.7 per cent) to $144.8 million when compared to the previous financial year of $108.3 million. The growth in operating income was largely driven by increases in gain on sale of foreign investment securities ($32.4 million), other gains ($8.3 million) and commission income ($2.3 million). Gain on the sale of foreign investment securities increased as the Bank disposed of foreign investment securities to realign its investment strategy. Other gain increased as a result of net gain on US Agency Mortgage-Backed Securities. The effects of these increases were partially offset by a decrease of $6.3 million in net interest income.

Chart 7 - Net Profit/(Loss) (EC$000s)

Chart 8 - Operating Income (EC$000s)

Chart 10 - Income Mix 2019 (EC$000s)

| EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2019-2020 35