2019 proved to be another successful year both financially and operationally for the Grenada Development Bank, resulting in a declaration of dividend to the Government of Grenada for the fourth consecutive year. The dividend payment of $89,064 represents the largest amount remitted for the four year period.
Mr. Stanford Simon Chairman of the Board of Director’s stated in his message in the Bank’s recently released 2019 Annual Report that this feat was as a result of a number of contributing factors, two of which are firsts for the institution.
The Bank loan portfolio grew by 15% with disbursements amounting to over $20M; the highest in its 54-year history. Most of these investments were in projects to stimulate the local economy, creating and sustaining jobs and improving the standard of living of the general population.
Additionally, the non-performing rate was at an all-time low at 2.32%, further solidifying the Bank’s position as the best performing development bank in the Eastern Caribbean Currency Union in terms of portfolio quality.
According to Mr. Simon, an enabling business environment in Grenada has lent strong support to the business community including the GDB. The Bank was able to meet or surpass over 90% of its priority objectives in 2019.
GDB continues to strengthen its customers’ experience, an effort that proved fruitful as an overall 92% approval rate was achieved through the annual customer satisfaction survey.
The Bank’s performance in 2019 was the perfect prelude to the Bank’s 55th year in operation, which was commemorated on July 19th 2020.