04/04/2024

ECCB Records Historic $80.2 Million Profit for FY 2023-2024 Amid 40th Anniversary and Strategic Advancements

By ECCB

The Eastern Caribbean Central Bank (ECCB) has published its Independent Auditors’ Report and Financial Statements for the Financial Year ended 31 March 2024.

For the 2023-2024 financial year, ECCB attained a record 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.

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, the launch of which is planned for later in 2024. The Bank 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.

The Bank advanced other key strategic initiatives over the financial year. 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 says that 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 our economies over the next 10 years, thereby helping to elevate the quality of life of our people.

The Governor reinforced the Bank’s commitment to the region, saying that the ECCB family will continue to toil assiduously for the people of the ECCU.

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