During a cocktail reception at the Aurora Resort and Golf Club on Tuesday evening, May 23rd, 2023, the National Commercial Bank of Anguilla (NCBA), now in its seventh year as a successful financial institution, reported on its achievements since it commenced operations on April 25, 2016.
Under the theme “Moving Forward Together”, the NCBA listed many of its attainments during its relatively short existence.
CEO Mrs. Sharmaine Vaughn reported that over the last seven years there has been strong and consistent growth in the bank’s deposit base, which increased from EC$600 million to EC$1 billion in deposits. As far as total assets are concerned, Mrs. Vaughn said the bank has been expanding with a total asset base of EC$1.2 billion.
In addition, she reported that the bank’s capital ratios have climbed from under 1% in 2016 to 10% to date. She also said that the liquidity position is now approximately 32% and that the bank is profitable, generating as much as EC$12 million in profits in 2022.
With regard to key indicators, Ms. Vaughn said NCBA holds a market position of 67% of commercial banking loans; 68% of deposits; and 60% of total assets. She further said that the bank has issued over EC$285 million in loans and only 2% of them are delinquent. However, she said that the bank still has an existing portfolio of 25% non-performing loans.
NCBA began operations as a bridge bank in 2016 after the two indigenous banks, National Bank of Anguilla and Caribbean Commercial Bank, were purchased. From bridge bank status back then, it has risen and has become a fully fledged bank in 2021.
