ECCB makes record profits – 2019-2020

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 June 30, 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 generated from renewable energy; and the Bank’s swift response to the COVID-19 crisis in an effort assist member countries.

Governor Antoine says that during the new financial year, the ECCB will remain committed to its transformation agenda and continue to implement a number of initiatives as outlined in its 2017-2021 Strategic Plan including: (1) Implementation of the Digital EC Cash Pilot Project; (2) Operationalisation of the Eastern Caribbean Partial Guarantee Corporation; (3) Implementation of the Caribbean Digital Transformation Programme in collaboration with member countries and regional and international partners; (4) Completion of Phase II of the Greening of the ECCB Campus Project; and (5) Launch of ECCB’s 2021-2026 Strategic Plan.