ECCB 2018-2019 Annual Report and Statement of Accounts

FINANCIAL PERFORMANCE

Operating income for the financial year ended 31 March 2019 rose by $24.3 million (29.0 per cent) to $108.3 million when compared to the previous financial year. The growth in operating income was largely driven by increases net interest income and commission income of $31.1 million and $0.8 million, respectively. The effects of these increases were partially offset by an increase of $5.0 million or 81.0 per cent in realised losses on disposal of foreign securities. Also offsetting the decline in operating income was a decrease of $1.6 million in other income, mainly due to the realisation of a loss on disposal of property and equipment for the year ended 31 March 2019 compared to previous financial year. Operating expenses for the financial year ended 31 March 2019 of $77.3 million grew by $2.7 million or 3.6 per cent over the previous financial year. The increase was mainly due to an upsurge of $2.6 million in salaries, pension and other staff benefits. Also contributing the increase was $1.5 million in impairment losses on financial assets driven by the Bank’s implementation of IFRS 9, effective 1 April 2018. These increases were partially offset by a reduction of $1.7 million in administrative and general expenses, primarily attributable to cost saving measures implemented during the finacnial year.

Chart 11 - Operating Income (EC$’000)

Chart 12 - Operating Expenses (EC$’000)

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