Basseterre, St. Kitts, February 17th, 2012 -- NATIONAL convened its 41st Annual General Meeting at the Royal Ballroom of the St. Kitts Marriott Resort and Casino, Frigate Bay, St. Kitts and the LIME Conference Centre, Charlestown, Nevis on February 16, 2012. Ambassador Walford Gumbs Chairman of the Board of Directors presided over the meeting.
In his written report to the shareholders, Managing Director Sir Edmund Lawrence highlighted the significant areas of growth for the year under review, 2010/2011. NATIONAL Assets increased by $209.1 million, Loans increased by $68.8 million and deposits grew by $186.9 million.
Profit after taxes increased by $11 million, Liquidity improved by $111.8 million, and Earnings per Share increase by 8 cents over 2009/2010. Sir Edmund also identified the three vital Cs of commercial banking, Cash, Capacity and Competency. He noted 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.
As disclosed in the audited 2011 financial statements, NATIONAL has $2.5 billion in ASSETS and made a PROFIT of $48.6 million. The meeting approved a final dividend of 5% which means that, together with the interim dividend of 6.5% shareholders received a total dividend of 11.50% or $15.52 million for the year ended June 30, 2011.
In accordance with the Bank’s Articles of Association, three Directors retired by rotation. The retiring Directors offered themselves for re-election. In addition, another shareholder was nominated for election as a Director in accordance with the Articles of Association. A vote was taken which resulted in Mr. Mitchell Gumbs, Dr. Mervyn Laws and Ms. Sharylle V. Richardson being re-elected as Directors.
The meeting ended as the shareholders raised their glasses in a toast to the customers in recognition of and appreciation for their confidence and trust in, and loyalty to the Bank.
The complete 2010/2011 Annual Report is available on the NATIONAL website at www.sknanb.com.
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