2018 has proven to be another profitable year for the Grenada Development Bank (GDB) so much so that for the third (3rd) consecutive year in the Bank’s history, dividends were paid to the Government of Grenada, its sole shareholder.
A cheque written in the amount of forty two thousand and ninety-nine dollars ($42,099.00) was paid to the Government of Grenada in the month of May upon receipt of the final audited financials from the Bank’s auditors.
Mr. Stanford Simon, Chairman of the GDB said he is proud of this accomplishment, ‘Thanks to the GDB’s continued improvement and financial performance, at the end of the 2018 financial year, dividends were declared for the third time in the Bank’s 54 years’ history, I am honoured to share in this momentous occasion.
According to Mr. Simon, the continued improvement of the Bank’s performance can be largely attributed to a clear and well-articulated vision and strategic direction with 2018 marking the second year of the Bank’s five-year Strategic Plan designed to steer it to a more customer focused and development-oriented institution.
Mr. Simon took the occasion to reiterate that the Grenada Development Bank continues to play a significant role in the socio-economic development of the tri-island state, bridging existing gaps in all sectors including business, tourism, housing, and education.
‘Grenada Development Bank being able to pay dividends to Government is testimony that the Bank is more than meets the eye. As a matter of fact, GDB continues to break barriers as the Bank can boast of having the lowest Non-performing Loan ratio of all development banks in the Eastern Caribbean Currency Union.’
‘Further, our latest annual report will show that the Bank’s loan portfolio increased by 19% from $53.4M in 2017 to $63.48 in 2018, with most of this amount being circulated within the local economy aiding in the creation and sustenance of jobs thereby ultimately improving the standards of living of the populace.’
Mr. Simon is confident that the contributions being made to the Grenadian economy will only increase in 2019 and beyond as the Bank has launched a new product in the month of April called ‘Mind Your Business’ which urges employed persons to become creative and supplement their income through the creation of small businesses.
According to Mr. Simon, a number of other new and revised products are expected to hit the market later in the year as the Bank continues to fulfil its developmental mandate while simultaneously thriving to remain viable within the local financial environment.