ECCB 2018-2019 Annual Report and Statement of Accounts

FINANCIAL PERFORMANCE

STATEMENT OF PROFIT OR LOSS The Bank delivered a strong financial performance for the year ended 31 March 2019 with continued growth in profit. The Bank reported net profit was $32.7 million for the year ended 31 March 2019, which exceeded the previous year’s profit by $21.9 million or 204.0 per cent. The upturn in profit was primarily attributable to an increase in interest income on foreign reserve assets, which was positively impacted by the Federal Reserve hikes in interest rates during the financial year. Net interest income grew by $31.1 million or 44.0 per cent to $101.8 million for the year ended 31 March 2019 when compared to the previous financial year. This upsurge was primarily attributable to growth in interest income on foreign reserve assets, as a result of higher average interest earned on foreign investment securities and the higher-yielding short-term money market instruments and money at call, when compared to the prior year. This upsurge was offset by an increase of $3.1 million in interest expense on interest bearing demand liability accounts.

Chart 7 - Net Profit/(Loss) (EC$’000)

Chart 8 - Net Interest Income (EC$’000)

Chart 9 - Income Mix FY 2019

Chart 10 - Income Mix FY 2018

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