No evidence BNB lost money
IN A LETTER in the November 14 NATION Mr John Goddard disagreed with former Prime Minister Owen Arthur’s decision to privatise the Barbados National Bank (BNB). Mr Goddard pointed out that when that decision was made, “there was no evidence that the Barbados National Bank was losing money”. In supporting Mr Goddard, I refer to a June 5, 2000 article by Mr Jewel Brathwaite, which reported that BNB’S 1999 financial statements recorded after-tax profits of $18.3 million in that financial year, and after-tax profits of $15.6 million in the previous year. The article also stated that the BNB in 2000 was “the third largest bank in terms of profitability, productivity and assets, and a leading player in the financial sector”.