13.9 Million Dollar profit for National Bank

Mr. Linkon Maynard Chairman of the National Board of Directors presided over the meeting. Over 300 of the shareholders of the Bank attended the AGM. Majority shareholder, the Government of St. Kitts and Nevis, was represented by Mr. Patrice Nisbett.

The major highlights of the meeting were the presentation of the financial statements and the declaration of dividends. As disclosed in the audited 2012 financial statements, the bank had $2.5 billion in Assets and made a Profit of $13.9 million. Of note, an interim dividend of 6.00% or $8.10 million was previously distributed; a final dividend of 5.5% or $7.425 million was approved at the meeting which resulted in a total of 11.50% or $15.525 million for the year ended June 30, 2012.

In discussions on the Accounts, Directors Report and the other agenda items, the Board, Senior Management and Shareholders shared ideas and pledged continued effort to build on the remarkable success of the largest indigenous Bank in the OECS.

Another high point of the meeting was the introduction of CenPOS, an intelligent payment processing network that is guaranteed to change the landscape of electronic payments domestically and regionally. CenPOS ushers in the transition from stationary POS terminals and paper processing to mobile payment solutions with virtual terminals and data bases. During the year under review the bank also successfully launched its first VISA branded Credit Card, a Master Card Prepaid Card and a Mobile Top-up Solution. These products are all in line with the global shift to a green environment.

In accordance with the Bank’s Articles of Association, three Directors, Mr. Linkon Maynard, Ms. Elsie Mills and Mrs. Eugenie Byron-Condor retired by rotation. Mr. Linkon Maynard and Ms. Elsie Mills were re-elected and Mr. Clement Williams was elected as Director.

The complete 2011/2012 Annual Report is available at www.sknanb.com.




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