ECCB 2020-2021 Annual Report and Statement of Accounts

FINANCIAL RESULTS

Operating expenses for the year ended 31 March 2021 totalled $82.3 million, down $2.3 million or 2.7 per cent from $84.6 million in the previous year. The reduction in operating expenses was mainly due to decreases in currency expenses of $5.3 million and administrative and general expenses of $5.1 million moderated by increases of $5.7 million in impairment losses on financial assets, $1.6 million in salaries, pensions on other staff benefits, and $0.9 million in depreciation expense. Currency expenses declined as the issuance of new polymer banknotes resulted in fewer notes issued and replaced during the financial year. The decrease in the administrative and general expenses category was attributable to lower costs incurred in key areas. Conversely, net impairment losses on financial assets increased on account of the recording of a loss on the modification of financial assets during the year.

Chart 12 - Net Interest Income (EC$’M)

Chart 13 - Operating Expenses (EC$’M)

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2020/2021 38