National Bank pulls in 23 Million in profits

It was confirmed at the recent Annual general meeting of the financial group that National pulled in an after tax profit of $23.085 million for the year under review. At the same time, and according to the audited 2013 financial statements, National had $2.8 billion in assets.

Perhaps seeking to discover how the recent land for debt swap has impacted on the asset value of the company, some shareholders sought information on how the issue the bank’s bottom line moving forward.

In response the CEO and Chairman assured shareholders that the Board and Senior Executive Team were strategically putting measures in place to fill the anticipated loss of income.

It was noted by the Chairman, Lincoln Maynard, that “We are not blinded by our recent and past successes for we know that in order for us to successfully traverse the changing and challenging economic time we have to change and retool. That is why with the recruitment of the new CEO we take the opportunity to retool our senior management/leadership to create a new culture that is geared to be more responsive to the changing times.”

For further details were however provided by the bank’s post AGM statement, to explain what specifically was outlined to the shareholders, about the way forward, in relation to the land for debt swap deal from last year and which has become one of the most contentious political issues driven by opposition parties and the people of the country generally.

The major highlights of the meeting were the presentation of the financial statements and the declaration of dividends.

A dividend of 8% was recommended by the Directors which with the approval of the shareholders, resulted in a payment of a total dividend of $10.80 million in 2013. The Chairman noted in his report that, “In the 10 years from 2003 to 2013 shareholder equity has increased by a remarkable 308 percent from a value of $147.346 million to $454.304 million”. International accounting firm Grant Thornton replaced Deloitte PKF as the Bank’s auditors.

In accordance with the Bank’s Articles of Association, two Directors, Mrs. Mellicia Phillip and Mr. Halva Hendrickson were retired by rotation and offered themselves for re-appointment and were duly appointed. Mr. Hastings Daniel was duly nominated and appointed as a Director of the Board of Directors of the Bank.

The complete 2012/2013 Annual Report is available on the NATIONAL website at

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