BNB Reports Healthy Increase In After-Tax Profits

by Amanda Banks, Tax-News.com, London

20 October 2004

The formerly state-owned banking institution, Barbados National Bank, has announced impressive year-end results, it was reported this week.

In the twelve months prior to the end of BNB’s financial year, which ended on September 30, after-tax profits jumped by 44%, with net income growing from $24.1 million in 2003 to $34.7 million in 2004.

The bank, which was bought by the Republic Bank of Trinidad & Tobago last year, also paid a handsome total dividend of 17 cents per share this year, double the dividend paid in 2003.

“We had a solid performance despite intense competition in the mortgage market,” Robert LeHunte, managing director and chief executive officer of BNB, was quoted as observing by the Barbados Nation News.

He added: “We continued to get a good, solid performance in finance and trust and the bank itself also did exceptionally well, holding its own and growing in market share in retail lending.”

Meanwhile, in a statement, bank chairman Ronald Harford expressed optimism over BNB’s future performance, and predicted “another successful year” in 2005.

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