Bank of Montserrat recorded a net profit before taxes of EC$6.8 million last year, and its assets grew by 2.03% or $8.3 million, according to the latest auditor’s report.
This was a huge turnaround in the successes of the company after it made a loss of EC$1.5 million in 2022.
Bank of Montserrat celebrated a year of growth, strategic initiatives, and enhanced shareholder value during its 30th annual general meeting on Wednesday, 14 August.
Director Dalton Lee chaired the meeting at the Montserrat Cultural Centre, which reviewed the bank’s performance for the fiscal year ending September 30, 2023.
The auditor’s report highlighted the successes of the financial institution, underscoring the effectiveness of its strategic investments and prudent financial management, a press release on 16 August said.
It reported that shareholders were awarded a dividend of 39 cents per share for 2023 – the highest in the bank’s history – with the option to receive it in cash or to reinvest it.
During the meeting, Lee thanked shareholders, directors, management, and staff for their dedication and support.
He said the bank is well-positioned for continued growth and success, with strategic initiatives in place to maintain its leadership in Montserrat’s financial sector.
The director also informed shareholders that the bank is testing a Mastercard cross-border payment system, which will allow customers to wire money to almost any bank account in the world.
Bank of Montserrat, founded in 1988, is Montserrat’s national bank.
It is committed to investing in the development of the island through commercial services and community giving to education, cultural activities, sports, and more, the press release said.
Shareholders re-elected Agatha Aspin, Alison Fenton Willock, Bruce Farara, Dalton Lee, and Venita Cabey to the board of directors.
