ECCB makes record profit in 2023/24

The Eastern Caribbean Central Bank (ECCB) said it made a record profit for the financial year ended March 31, 2024. In its published Independent Auditors’ Report and Financial Statements 2023-2024, the ECCB attained a profit of $80.2 million, the highest ever in the Bank’s history.

The financial year, dubbed a year of ‘Reflection, Celebration and Implementation’, in honour of the ECCB’s 40th anniversary, saw the Bank continuing to deliver service excellence to the governments and people of the Eastern Caribbean Currency Union (ECCU), in fulfilment of its purposes and strategic priorities, a release stated.

In pursuit of its mandates for monetary and financial stability, the ECCB advanced work on the establishment of a Regional Standards Setting Body for the regulation of the non-bank financial sector and for an Office of Financial Conduct and Inclusion. Work also advanced towards the operationalisation of a credit bureau for the Currency Union, which it plans to launch later this year. The Bank said it maintained its focus on modernising payments in the region with the conclusion of its central bank digital currency pilot and work on the development of an instant payments system. In addition, the first ever

Financial Inclusion and Literacy Survey for the ECCU was successfully completed, providing the ECCB and its partners with data to design programmes that will arm the ECCU people with skills and knowledge to become financial literate and resilient. Other key strategic initiatives were also advanced over the last financial year, the release stated. Those included the launch of its new website in July 2023; bolstering its risk management and business continuity framework; and investing in its data analytics capabilities in an effort to deliver on its strategic priority of data and digital transformation.

Looking forward, Governor of the ECCB, Timothy N. J. Antoine said the Bank will continue to advocate for ‘The Big Push’ challenge’ proffered in January 2023 at the launch of the Bank’s 40th anniversary celebrations. The ‘Big Push’ calls on the governments and people of the region to take collective actions to double the size of their economies over the next 10 years, thereby helping to elevate the quality of life of the people.

The ECCB’s 2023-2024 Independent Auditors’ Report and Financial Statements is available on the Bank’s website and social media platforms.