BRADES, Montserrat – Bank of Montserrat Limited celebrated a year of growth, strategic initiatives, and enhanced shareholder value during its 30th Annual General Meeting (AGM) held on August 14, 2024, at the Montserrat Cultural Centre. The meeting, chaired by Director Dalton Lee, reviewed the bank’s performance for the fiscal year ending September 30, 2023, and outlined plans for continued success in 2024.

The Auditor’s Report for 2023 highlighted the bank achieving a net profit before taxes of XCD 6.8 million, compared to a loss of XCD 1.5 million in 2022. The bank’s assets also grew by XCD 8.3 million or 2.03%, underscoring the effectiveness of its strategic investments and prudent financial management. Reflecting this success, a dividend of 39 cents per share—the highest in the bank’s history—was declared. Shareholders have the option to receive this dividend in cash or to reinvest it through the Dividend Reinvestment Programme.

In addition, shareholders re-elected Agatha Aspin, Alison Fenton Willock, Bruce Farara, Dalton Lee, and Venita Cabey to the Board of Directors. The bank is also exploring new avenues for growth, including new fintech solutions. Mr. Lee informed shareholders that the bank is testing the Mastercard cross-border payment system, which will allow customers to wire money from Montserrat to almost any bank account globally.

In his closing remarks, Mr. Lee expressed gratitude to shareholders, directors, management, and staff for their dedication and support. He emphasised that the bank is well-positioned for continued growth and success, with strategic initiatives in place to maintain its leadership in Montserrat’s financial sector.

ENDS

About Bank of Montserrat
Bank of Montserrat is Montserrat’s national bank which was founded in 1988. The bank is committed to investing in the development of the island through commercial services and community giving to education, cultural activities, sports, and more.