Barbados National Bank Wins Another Bank Of The Year Award

by Amanda Banks, Tax-News.com, London

27 September 2005

The Barbados National Bank has been adjudged the best local bank by an international panel for the second time in three years.

According to BNB managing director Robert LeHunte, the bank's ranking as the Bank of the Year 2005 for Barbados by the Banker magazine, a Financial Times publication, was based on increased shareholder value, competitiveness and general financial performance for the year 2004, when it made a profit of $34.6 million - a 45% improvement over the previous year.

The bank is on track to beat its 2004 performance this year, and has registered 19% growth in the first six months of 2005 compared to the same period in 2004. This means that the bank's full year profits could be in the range of $40 million when its full year results are published next month.

With 450 staff employed over eight branches, BNB is worth a little over $1.9 billion.

LeHunte was also optimistic over the bank's future prospects, noting that it had a "fair amount" of projects in the pipeline linked to the 2007 cricket world cup.

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