St Kitts-Nevis-Anguilla National Bank Reports Increase in Assets

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Above: Charlestown, Nevis (CJ Photo)

By the Caribbean Journal staff

The St Kitts-Nevis-Anguilla National Bank is reporting a growth in total assets from $840.7 million to $918.5 million as of the end of June.

Net income before and after tax also increased in that period, the banks aid.

National Bank Chairman Walford Gumbs said the asset increase was a “commendable” achievement for the bank, but that the continued economic slowdown did not bode well for the region.

“This is certainly not good news for us in small developing economies in the Caribbean that suffer fallout from downturns in the developed countries,” he said.

Gumbs said the bank would continue to develop new products and seek to improve efficiency.

“These measures are necessary to enable the Bank to stay on course and stem the tide of uncertainty brought about by a worldwide financial crisis,” he said.