ECCB 2017-2018 Annual Report and Statement of Accounts

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ECCB ANNUAL REPORT 2017/2018

Chart 10 - Income Mix 2018

Chart 9 - Income Mix 2017

Chart 11 - Net Income Interest (EC$’000)

Net interest income for the year ended 31 March 2018 amounted to $70.7 million, up by $15.0 million when compared to the previous financial year. This upsurge was mainly attributed to growth in interest income on foreign reserve assets, primarily as a result of an increase in the nominal base of foreign securities, coupled with higher average interest income earned on higher-yielding short-termmoney market instruments. This increase was offset by an increase of $2.0 million in interest expense as the Bank incurred higher interest expense on interest bearing demand liability accounts. Operating expenses for the financial year ended 31 March 2018 of $74.6 million grew by $2.5 million or 3.4 per cent over the previous financial year. The increase was mainly due to increase of $1.9 million in Administrative and General Expenses and $0.5 in Salaries, Pension and Other Staff Benefits.

Chart 12 - Operating Expenses (EC$’000)