ECCB reports highest net profit ever, new credit mechanism, plan to ‘ensure sustainability’ of CBI

The Eastern Caribbean Central Bank (ECCB) has announced a historic achievement in its latest annual report for 2024-2025, revealing its highest-ever net profit of EC$126.2 million.

It has been dubbed “A Year of Implementation, Impact, No Excuses.”

A statement from the Bank said this dynamically-themed year marks a 57% increase from the previous record of EC$80.2 million in 2024. The Bank’s efforts to strengthen the economy and maintain the stability of the Eastern Caribbean dollar have seen foreign reserves also increasing and remaining robust, said the release.

It reported that its strategic initiatives, including new legislation and the launch of financial standards, contributed significantly to its success and growth. It also said that throughout the year, the ECCB stated that it focused on its core mission of supporting financial stability, promoting financial literacy, and ensuring the protection of consumers:

“ECCB member countries began to enact the Banking Amendment Bill (2024)…Key provisions of the Bill include: (i) the establishment of a Basic Bank Account to make it easier for the unbanked and underserved to open bank accounts; and (ii) the establishment of the Office of Financial Conduct and Inclusion to support financial consumer protection and increase financial literacy.”

In addition to its financial achievements, the ECCB announced notable progress in expanding financial inclusion across the region. The Bank supported the launch of the EveryData Credit Bureau in the Eastern Caribbean, with Antigua and Barbuda becoming the first to join the system in September 2024.

Bank leadership asserts that this move enhances credit reporting and access to finance for more people. The ECCB also worked on strengthening its governance and regulatory frameworks, including the approval of the proposed Eastern Caribbean Financial Standards Board, which will oversee non-bank financial institutions.

Regarding Citizen by Investment programs, the statement specified Governor Timothy N. J. Antoine’s remarks in his foreword:

“…the Bank continued to work to ensure the sustainability of the five CBI/CIP Programmes in the Eastern Caribbean Currency Union (ECCU), ‘given their importance to the fiscal and economic resilience of member countries.’ The ECCB leads the Interim Regulatory Commission (IRC), a regional working group spearheading the establishment of an enabling CBI/CIP legal framework that is expected to become law by the end of 2025. The IRC, which the Governor currently chairs, has held consultations with key stakeholders in the CBI/CIP industry including government, leaders of opposition, local agents, developers, financial intelligence units, banks and international partners, such as the USA, UK and European Union.”

Antoine highlighted the various accomplishments for the fiscal period, emphasizing the importance of the Bank’s initiatives in boosting economic resilience and stability in the member countries of the Eastern Caribbean Currency Union,

Full report available on the ECCB website.