No ev­i­dence BNB lost money

UK Barbados Nation - - NEWS - – IAN ARCHER

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”.

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