Bank of Montserrat Reports Strong Financial Performance for 2024

Bank of Montserrat Limited (BoML) has posted another year of solid financial performance, reporting a net profit before tax of EC$6.4 million for the fiscal year ending September 30, 2024. The announcement was made during the Bank’s 31st Annual General Meeting (AGM) held on Wednesday, July 10, at the Montserrat Cultural Centre.

Despite falling just short of its record-breaking EC$6.8 million profit in 2023, BoML saw significant growth in overall income, with a 14% increase to EC$24.1 million. This was largely driven by a rise in interest income to EC$18 million, as well as continued expansion of the bank’s investment portfolio.

The theme of this year’s AGM was “Shaping Tomorrow – Innovating and Strengthening for Sustainable Growth,” reflecting the institution’s ongoing focus on building long-term resilience through innovation.

In his final address as Chairman, Dalton A. Lee, who officially ended his tenure at the meeting, praised the Bank’s evolution over the past seven years.

“Bank of Montserrat Limited has transformed into a stronger, more digitally capable institution, consistently delivering value for shareholders while supporting the island’s development,” he said.

Key financial indicators presented at the AGM include:

Capital Adequacy Ratio of 24.7%, well above the Eastern Caribbean Central Bank’s (ECCB) 8% benchmark

Efficiency ratio of 65.3%, despite increased expenses linked to strategic initiatives

Return on equity of 13.8%

Proposed dividend of 37 cents per share, pending final approval

BoML’s leadership credited part of the year’s performance to strategic investments, including the acquisition of its credit card portfolio. The Bank also reported notable advances in its digital services, with expanded mobile banking, more point-of-sale terminals, and the introduction of a Mastercard cross-border payment solution.

Looking ahead, the Bank plans to focus on ATM modernisation, enhanced international transaction capabilities, and further technology upgrades to meet the evolving needs of its customers.

The full 2024 Annual Report is available at www.bankofmontserrat.ms.