Business View Caribbean | July 2020

19 BUSINESS VIEW CARIBBEAN JULY 2020 ECCB REPORTS RECORD PROFITS FOR FINANCIAL YEAR 2019-2020 OPENING L INES B asseterre, St Kitts and Nevis, 30 June 2020 – The 2019/2020 financial year, which ended on 31 March 2020, was a record- breaking year for the Eastern Caribbean Central Bank (ECCB) as the Bank posted its best financial results since its establishment in 1983. The Bank reported a net profit of $63.1 million, exceeding the previous year’s profit by $30.4 million or 93.0 per cent. The Bank’s Annual Report and Statement of Accounts for the financial year ended 31 March 2020, which was published on 30 June, indicates that the upturn in profit was attributed to realised gains on disposal of investment securities and net gains on mortgage-backed securities. Reflecting on the ECCB’s performance for the year, Governor, Timothy N. J. Antoine said, “prior to and even in the midst of the COVID-19 pandemic, your Central Bank delivered in 2019/2020 on the goals outlined in the Strategic Plan 2017-2021, supported by strong partnerships regionally and internationally.” Some of the key achievements in the 2019/2020 financial year included: work on the development and testing of the DXCD application in preparation for the launch of the pilot; enhancement of the security and durability of the EC notes through the issuance of a new family polymer notes; the completion of Phase I of the Solar Canopy Project, which allows part of the ECCB campus to be powered using electricity