Business
Barbados Commercial Banks Increase Profitability Through Fee Income Growth: 2023 Financial Stability Report
Commercial banks in Barbados are increasingly relying on fee income for profitability, with noninterest income growing from 23% to 33% over a decade. They earned $1.26 billion in fees and commissions between 2014 and 2022.
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Originally published by nationnews.com (opens in new tab)
Commercial banks in Barbados are relying more on fee income to increase or maintain their profitability.
The 2023 Financial Stability Report stated this was the implication of information showing that “over the last ten years, the [commercial banks’] share of noninterest income to total income grew from 23 per cent to 33 per cent”.
They earned a combined $1.26 billion in fees and commissions income between 2014 and the end of September last year, based on a separate recent consolidated income statement detailing the performance of the commercial banks operating here.
The consolidated income statement of the commercial banks said their income from fees and commissions was $118.5 million in 2014, $147.4 million at the end of 2022 and $99.3 million by the end of September last year. (SC)
