ECCB reports net loss for financial year

The Eastern Caribbean Central Bank (ECCB) has reported a net loss of ten million dollars.

The loss was documented in the bank’s 2015/2016 annual report for the financial year ending March 31, 2016.

The ECCB said the shortfall represented a decrease of $2.1 million or 17.51 percent over the previous year’s net loss of $12.1 million.

“The reduction in net loss was primarily attributable to an increase of $4.7 million in net interest income offset by an increase of $3.2 million in operating expenses,” the financial institution explained in its report.

Operating income for the financial year increased by $5.4 million (9.60 per cent) to $62.0 million over the previous year, according to the ECCB report.

It said that was mainly attributable to increases in interest income from the Bank’s foreign reserve portfolio, commission income on foreign transactions and the recording of income from banking licence fees under the provisions of the new Banking Act 2015.

The ECCB report noted that operating expenses of $73.1 million increased by $3.2 million (4.52 per cent) over the previous financial year.

It said the increase was primarily due to an increase in Currency Expenses and an increase in Administrative and General Expenses mainly as a result of the recording of a provision for impairment loss on accounts receivable.

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