BARBADOS NATIONAL BANK INC. (BNB) has reported a $5 million increase in net income at the end of its 2007 fiscal year.

BNB's financial status as at September 30, indicated earnings of $53.14 million in net income over the $48.01 million restated for 2006.

Income before tax stood at $68.04 million, an increase on $61.93 million the previous year.

Interest income increased by $23.20 million, up from $161.96 million in 2006. Interest expense was $89.08 million in the 2007 financial
year from $70.10 million the prior year.

Net interest income and non-interest income totalled $144.81 million at the end of the reporting period compared to $133.72 million in 2006.

Advances of $1.60 billion led BNB's increase in total assets to $2.43 billion in 2007 from $2.20 billion in 2006.

Liabilities moved from $1.98 billion in 2006 to $2.18 billion in 2007.

Meanwhile, shareholder equity expanded to $251.68 million in 2007 from $221.44 million in 2006, and basic and diluted earnings per share increased by five cents on 50 cents in 2006.
(SR)