ACB Board to Propose Historic Dividend of $1.00 per Share Following Record-Breaking Profits

ACB Caribbean Group and Eastern Caribbean Amalgamated Bank are about to announce remarkable revenue figures, a development that financial analysts attribute to the vigorous economic growth witnessed in Antigua and Barbuda.

The bank is also poised to unveil a historic dividend for its shareholders during the upcoming Annual General Meeting, scheduled for later this month.

This announcement follows what has been described as an “exceptional financial performance” throughout the 2023 Fiscal Year.

The ACB Caribbean Group (“The Group”) achieved exceptional financial performance in fiscal 2023. Total revenue increased by an impressive 60%, culminating in a consolidated net profit of $41.2 million.

According to the annual report, this remarkable result was driven primarily by the Parent Company, which reported its highest-ever net profit of $35.9 million.

Both subsidiaries, ACB Mortgage & Trust Company Limited and ACB Grenada Bank Ltd., contributed significantly, each achieving an increase in net profit of over 30% during the same period.

The Group’s strong performance was attributed to a strategic shift in its investment approach and a rebound in the global economy, which helped recover unrealized losses in the investment portfolio from 2022.

Meanwhile, reports show that the Board will recommend a record dividend payment of $1.00 per share, the highest in the Bank’s nearly 70-year history.

Economic growth in Antigua & Barbuda (3.9%) and Grenada (3.6%) further bolstered the Group’s performance, according to the report.

The banking sector benefited from increased economic activity in both territories despite continued geopolitical challenges and persistent inflationary pressures.

Additionally, global interest rate hikes aimed at controlling inflation in developed economies positively impacted the Bank’s earnings, with interest income rising by nearly 20%.

While this robust performance is a cause for celebration, the Board remains committed to maintaining the Group’s solvency and sustainability through three critical pillars: financial stability, capital adequacy, and strong liquidity.