ECCB 2022-2023 Annual Report and Financial Statements

Eastern Caribbean Central Bank Annual Report 2022 - 2023

Net Interest income increased to $88.4 million for the year ended 31 March 2023 compared to the previous financial year, mainly on account higher interest earned on the foreign reserve assets. Interest income on foreign investment securities, money market instruments and money at call and U.S. Agency Mortgage-Backed Securities grew by $56.3 million, attributable to the growth in interest rates over the reporting period. The overall growth in net interest income was tempered by the decrease of $6.8 million in interest income on Participating Governments’ Securities and an increase of $1.4 million in interest expense.

Operating Expenses for the year ended 31 March 2023 totalled $83.6 million, an increase of $2.5 million (3.1 per cent) from $81.1 million in the previous year. The increase in Operating Expenses was primarily due to increases of $7.6 million in Administration and General Expenses and $1.0 million in Depreciation Expense offset by a decrease of $5.3 million in Impairment Losses on Financial Assets. The increase in Administrative and General Expenses was mainly attributable to a rise in General Supplies and Services Expenses, Professional Fees and Travel Expenses. Moreover, the reduction in Impairment losses on financial assets was due to the decline in the loss allowance on Accounts Receivables.

Chart VII - Operating Expenses ($ Millions)

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