$53.14m in profit for National Bank
Published on: 2/3/08.
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.
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