St Kitts & Nevis Development Bank Showing Rapid Growth

by Amanda Banks, Tax-News.com, London

02 June 2005

Speaking at last week's opening of the new headquarters of the Development Bank of St Kitts and Nevis, former chairman of the Board of Directors, Joseph Edmeade revealed that the Bank had experienced rapid growth in the last ten years.

Mr Edmeade explained that when the St Kitts and Nevis Labour Party took over government of the jurisdiction in July 1995, he and his team had been tasked with ensuring "that the Bank becomes an important developmental entity capable of impacting the economic and social lives of ordinary men and women".

He told those attending the opening ceremony that this mission had been achieved, with a healthy operating performance allowing the Bank to increase shareholder equity, as well as ensuring that the housing and education sectors were well supported.

"Net profit for the Bank increased from EC$500,000 in 1995 to EC$2.9 million in 2004. From the balance sheet, the Bank experienced rapid growth with total assets increasing from EC$38 million in 1995 to EC$186.8 million in 2004, an in 2004, an increase of some 400%," the former Development Bank official announced.

He went on to add that areas identified as possible weaknesses for the Bank, such as loan processing, the information system, and the management of human resources had been addressed.

"A number of young professionals were recruited and a modern banking information system was purchased at a cost of over EC$1 million. We are therefore confident that many of the weaknesses identified in 1995 were addressed and overcome," Mr Edmeade was quoted by the Caribbean Net News as observing on Thursday.

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