by Linda Straker
- For fiscal year 2022, ACB published net profit of $3.3 million
- Shareholders received cash dividend of EC$0.04 for each unit of share
- Bank name changed after ACB Grenada acquired assets of RBTT Grenada in 2021
For the fiscal year ending September 2022, shareholders of ACB Grenada Bank Ltd received a cash dividend of EC$827,253 or EC$0.04 for each unit of share. This decision was taken at the bank’s 40th annual general meeting (AGM) which was held on 2 May.
“In an environment where the Grenadian economy has shown resilience and growth, the bank has mirrored this positive trend. For fiscal year 2022, the bank published a Net Profit of $3.3 million. Gross Interest Income for the year under review increased significantly by 21% or $1.8 million,” said a notice in the 17 May edition of the Government Gazette.
“The bank’s Asset Base grew by 8% or $29 million when compared to 30 September 2021. At the 40th AGM, shareholders approved a Cash Dividend of $827,253 or $0.04 for each unit of share, representing a consistent dividend payout for 2 consecutive years.” The notice disclosed the bank experienced expansion for financial year 2022. “The financial year ended 30 September 2022, was recognised as one of strategic expansion, notable achievements, and steadfast dedication to the bank’s Core Values, amidst the challenges of the global economic landscape.”
“In looking ahead, ACB Grenada Bank’s Strategy will be to further maximise shareholder value as it pursues approved strategic initiatives.” The notice assured that the Board, Management and Staff remain committed to exceeding the expectations of all Stakeholders, to include Shareholders, Customers, Employees and the people of Grenada and beyond.
Held under the theme “Building… Bigger, Better, Bolder” the event was hosted at the Spice Island Beach Resort, Grand Anse, and on the Zoom platform. This hybrid format demonstrates the bank’s continued commitment to fostering increased shareholder engagement.
With respect to the composition of ACB Grenada Bank’s Board of Directors, Dorsett Cromwell retired and being eligible, was duly re-elected to the Board. The present members of the Board of Directors are: Chairman Sharon A Matthew-Edwards, Deputy Chairman Dorsett Cromwell, Ron Antoine, Sandra Derrick, Cassandra P Simon, and C Kamilah Roberts.
The bank’s name changed after ACB Grenada Bank Ltd acquired the assets of RBTT Bank Grenada Ltd in 2021.
