National Bank Remaining Focused Despite Economic Troubles

The Kittitian banking official noted in a recent report on the performance of the National Bank, that using the faculty of foresight to discern the unintended consequences of contemplated actions, “National perceived the three vitals Cs of commercial banking, namely Cash (liquidity or real money to operate with); Capacity (board governance), and Competency (management resourcefulness).” 

He said these three conjoint factors are indispensable requirements for successful banking. 

“Different weights are assigned to these factors: cash 30%, capacity 33% and competency37%,” said Sir Edmund. He added that National maintains a laser-like focus on these three strategic and enabling Cs to maximize their combined power for the achievement of efficient and profitable performance. 

He said also that National holds the view that the global financial and economic environment will continue to be unstable and unpredictable into the short to medium term. 

“Accordingly National continually strengthens and improves two dynamic leadership strategies that it previously developed and implemented to manage the present and prepare for the future,” said Sir Edmund, who declared that the  first strategy is to manage the talents, targets, technologies and trends; the second strategy is to manage resources, relationships, situations and time. 

Lawrence told his shareholders that these strategies are separate but inseparable. He said by this means, National manages present risks effectively, in order that it does not have to manage future crises, after the risks have become realities. National’s future is sustainable and certain given the challenges and threats the future may presents, outlined the banker.

Meanwhile, according to a bank report, ahead of its 41st Annual General Meeting next week, the St. Kitts-Nevis-Anguilla National Bank is reporting that total assets grew from EC$2.27 billion as at 30th June 2010 to EC$2.48 billion as at the 30th June 2011. 

Net income before tax increased by EC$12.9 million from EC$33.8 million at the end of June 2010 to EC$46.7 million at the end of June 2011. Net income after tax increased by EC$11.6 million from EC$33.2 million at the end of June to EC$44.8 million at the end of June 2011. 

National Bank Chairman, Mr. Walford Gumbs said the achievement by National Bank over the last year is commendable in light of the global financial crisis that has been affecting economies on every continent. 

He said it was hoped that by now some significant recovery would have been experienced. However, according to the Organization for Economic Cooperation and Development (OECD), leading indicators all point to a slowdown in economic activity in the Worlds’ major developed economies. 

“This is certainly not good news for us in small developing economies in the Caribbean that suffer fallout from downturns in the developed countries,” said Mr. Gumbs, who commended the Directors and Staff for the achievement. 

He said National Bank will continue to develop new products, continue its staff training policy, increase its customer share, improve customer service and staff efficiency. 

“These measures are necessary to enable the Bank to stay on course and stem the tide of uncertainly brought about by a worldwide financial crisis,” said the Bank Chairman, who pledged National Bank’s continued assistance to community and youth programmes that are geared to the holistic development of young people.

 

 

 

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