$3 million profit
THE CENTRAL BANK of Barbados yesterday announced a turnaround in its financial performance in 2010. The bank, in its just-published annual report, confirmed a profit of $3 million.
The institution further stated that the 2010 profit will be applied to the accumulated deficit of $9.4 million.
The bank noted that the financial environment remained challenging during 2010 because of low international interest rates.
“The bank attributed the improved performance in 2010 to savings in expenditure and higher levels of income. Total expenses declined by $3.0 million, while income rose by $9.5 million or 18 per cent over the previous year, primarily the result of gains from sale of securities in view of favourable market conditions,” the bank said in a statement it issued. (PR)
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