The (CDB) increased the amount approved for loans to its borrowing member countries by almost 80 per cent last year and as per the report, 14 loans amounting to US$270.6 million were approved compared to a total US$151.2 million in 2009.
The two largest loan approvals were to Barbados and Anguilla, which received US$62.1 million and US$55 million. Loans to less developed countries amounted to US$162 million. The CDB also approved 127 grant-financed operations totalling US$30.1 million.
Total disbursement of loans and grants totalled US$326.9 million, which represented a 55.7 per cent increase on the US$209.9 million disbursed in 2009.
The Barbados-based bank’s total comprehensive income for the year was US$41.2 million, an increase of US$19 million from net income of US$22.2 million in 2009.
According to management’s report, this increase was primarily due to changes in the derivative fair value adjustment of US$52.6 million in 2010 which was partially offset by a foreign exchange translation adjustment of US$32.4 million primarily related to yen-denominated borrowings.
Interest income decreased by 4.8 per cent from US$40.2 million in 2009 to US$38.2 million in 2010.
The CDB also recorded a decrease of US$1.9 million in net interest income that was due largely to lower interest income on loans. Total assets were US$1271.1 million, representing an increase of US$16.1 million.
(Parts of this article were written with content submitted in a Barbados NationNews.com publication)