By MyVue News.com Staff Reporter
Basseterre, Wednesday, 1st December, 2021, (MyVue News.com)- Over five thousand shareholders of the National Bank in St. Kitts & Nevis, are due to benefit from what is being called a “historic dividend payment”.
The amount to be declared in the coming days is “20 cents per share”, said Minister of Finance, Dr. Timothy Harris, on Wednesday.
The Federal Government of St. Kitts & Nevis is the majority shareholder of the bank and the Minister of Finance said that this will be one of the largest payments in the banks’ 50 years of operation.
This explained Harris, will help “shareholders in having a more enjoyable Christmas and it will provide them some cash in advance of the popular Reduced VAT Rate Days,” which will be on Friday, 17th and Saturday, 18th December, 2021.
On those days, the 17% VAT will be reduced to only five percent.
The Finance Minister said that the bank has performed well despite the current turbulent times of the COVID-19 pandemic.
“I should say that before June 2021, the largest profit on record for the bank was declared way back in about 2008 when the bank made just over 113 million dollars. It was an extraordinary item and it has not been repeated. And we come from 2008 to 2021 and the bank has done extremely well surpassing that record.”
For the financial year, ending 30th June, 2021, the bank, according to Harris, recorded another historic profit margin.
Details of the dividend and financial performance of the bank will be provided when the Annual General Meeting of Shareholders is held on 16th December,2021, at the St. Kitts Marriott.