Shareholders in Bank of Montserrat Limited can expect a payout according to a release from the national bank.
The bank held its 30th Annual General Meeting on August 14, 2024, at the Montserrat Cultural Centre and online for shareholders overseas. The meeting, chaired by Director Dalton Lee, reviewed the bank’s performance for the fiscal year ending September 30, 2023, and outlined plans for its continued success in 2024 and beyond.
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,” the release noted.
During the meeting, shareholders chose to re-elect Agatha Aspin, Alison Fenton Willock, Bruce Farara, Dalton Lee, and Venita Cabey to the Board of Directors.
Chairman Dalton Lee said Bank of Montserrat continues to explore new avenues for growth, including new fintech solutions. 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. Currently it is only operational for funds leaving the island.
In his closing remarks, the chairman 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 including pursuing investment opportunities abroad to maintain its leadership in Montserrat’s financial sector.
