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Commercial banks’ were more profitable in 2019 than in 2018, however the increase was driven by a reduction in expenses rather than an increase in revenue, which actually declined during the year.
Carlon Walkes, Senior Economist at the Central Bank of Barbados and head of its financial stability unit revealed this while discussing the findings of the 2019 Financial Stability Report, a joint publication by the Central Bank and the Financial Services Commission, in an interview with Novaline Brewster, Chief of Corporate Communications at the Bank.
Walkes also discussed the impact of the ongoing pandemic on the commercial banking sector saying “I think we’re finally beginning to see the effects of COVID.”
Watch the full interview below: