Annual Report

Annual Report




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At the Antigua Commercial Bank Group, we are cognizant of the fact that “Banking” for our customers, is much more than acquiring a loan, having a chequing account or saving for a rainy day. We have listened to our customers and recognize that they rely on us to assist them in achieving their financial goals.

We are in the business of helping our customers realize their dreams. We encourage our customers to dream big, knowing that the ACB Group supports them every step of the way.

Whether their individual ambition is to obtain the home of their dreams or to start and grow their own business, we stand committed to supporting our stakeholders, ensuring that they fulfil their dreams.

Annual Report

Mission, Vision & Philosophy

Mission, Vision & Philosophy


At ACB, we aim to be the leading financial and related services provider by exceeding our stakeholders’ expectations through exemplary service, innovative products and adapting to an ever changing environment.


To be the premier financial and related services provider to each client we serve worldwide, creating wealth and opportunities for all stakeholders in an ever changing environment.


We believe that we were created to be an essential contributor to the life of our stakeholders. In this pursuit of our Vision we will be continually guided by the following principles:

  • Focus on creating wealth;
  • Transparency in all we do;
  • Good customer relations;
  • Decision making that is research driven, timely and prompt;
  • A continuous pursuit of the spirit of enterprise;
  • Caring and respect for the individual;
  • Good corporate citizenship;
  • Enduring sustainability.

Annual Report

Chairman’s Message

Dear Shareholders,

I am honoured to be afforded the opportunity to report to you on the ACB Group’s performance and the stewardship of the Board of Directors during the period under review.

Despite our challenging domestic economic environment and recent global developments, I am pleased to note that the Group has recorded its highest net profit ever of $22.3 million. Ironically, we have exceeded our highest profit for the second consecutive year. All stakeholders should be proud of this remarkable achievement.

We continue to subscribe to our unwavering commitment to ensure that our 61-year-old institution remains viable for many more generations to come.

Throughout this financial year, the Group undertook many new initiatives led by our new General Manager, Mrs. Barbara Hume, which further strengthened our staff’s morale and overall customer satisfaction.

We look forward to your continued support and thank you for your loyalty and dedication.

Thank you.

Michael F. Roberts

Annual Report


1. Santa at ACB’s Christmas in the Park 2015 distributing gifts to children
2. 2016 ACB Louis H. Lockhart Scholarship Recipient, Denicia Andrew
3. 2016 ACB Louis H. Lockhart Scholarship Bursary Award Recipient, Délia Evans
4. 2015 Business Interview Challenge Top Performers (L-R) Kadijah k. Browne; Jameel D. Wilson, Taningha Reggies and Princess A. Browne
5. T.O.R. Memorial School - ACB Student of the Year Awardee, Keefer Carter receives Award
6. Donation to Hanna Thomas Hospital - (L) ACB Representative Sharon Knight presenting ACB’s donation to Addie Newton of the Barbuda Council
7. General Manager, Barbara Hume, with Winners Halcyon Steel Orchestra, the Antigua and Barbuda Festivals Commission Chairman Maurice Merchant and the Prime Minister of Antigua and Barbuda, The Honourable Gaston Browne
8. 2015 Annual Independence Fiennes Institute visit - Directors, Management and Staff
9. Donation to the St. John’s Fire Brigade – ACB’s Marketing and Public Relations Representative N. Shantia Edwards presenting ACB’s donation cheque to Police Sergeant Quincy George
10. ACB Staff Outreach Programme - Christmas Pantry 2015 ACB Representative Tamika Browne presenting a food package to one of the Recipients
11. ACB Warriors Cricket Team at the opening of Parish League 2016
12. ACB Directors, Management and Customers representing the Bank at the West Indies Cricket Board and the West Indies Players Association Awards Ceremony

Celebrating our 60th year

Celebrating our 60th year
ACB'S Staff
ACB’s Staff Family Fun Day
ACB Staff’s 60th Anniversary Flash Mob
ACB'S Team Members
ACB Team Members with Nathaniel Francis “Nat Moses” of ZDK Radio during ACB’s Customer Appreciation Day
Special Invitees
Special Invitees- ACB General Manager’s Cocktail 2015
Business Luncheon
ACB 60th Anniversary Business Luncheon
We are 60 years old!

Annual Report

Video Clips

Annual Report

General Manager’s Message

Having assumed the leadership of the Antigua Commercial Bank Group on October 1, 2015, I am pleased to report that the Group remains well-capitalized and highly profitable.

As an institution that prides itself on assisting its many stakeholders to fulfill their dreams, we continue to rise above the challenges posed by various changes affecting the banking industry.

Management’s Discussion and Analysis, contained in our Annual Report for financial year ended September 30, 2016, highlights the key factors that contributed to the Group’s best profit performance in its 61-year history. I invite you to review this Report, which shows that profits reached an all-time high of $22.3 Million, while the Group’s asset-base grew by 2% year-over-year to $1.15 billion.

I remain grateful for the opportunity to lead our talented team of colleagues here at ACB. We are committed to exceeding these results, and we look forward to your continued support of our ongoing efforts.

Thank you.

Barbara Hume
General Manager

Annual Report

Financial Highlights

Annual Report


Earnings per share rose to $2.23 in fiscal 2016, an increase of $0.47.

Annual Report


Interest Income decreased year-over-year by $2.4 million or 4% due largely to customer expectations and competitive pressures lowering interest yields on our credit book, and lower returns on investments pursuant to an ongoing regional liquidity glut.

Annual Report


Annual Report


Prudent management of our deposit liabilities within the context of continued excess liquidity within the Eastern Caribbean Currency Union (ECCU) resulted in a 16% year-over-year decrease in Interest Expense.

Annual Report


The Group therefore, for a second consecutive year, recorded its highest consolidated net income in history at $22.3 million, and a significant improvement in our efficiency ratio to 58% from 68.5% in the prior year.

Annual Report




Annual Report


Annual Report


“Enjoying excellence in service delivery and the luxury of relaxing, while the Bank finds the solutions, is a dream worth living.”

Dr. Kronskie Dickenson
Dentist | Vehicle Loan Client

“Having the support of my financial partner, allowed me to focus on my passion and realize my dream.”

Noreen Phillips
Owner-Noreen Phillips Couturiere | Small Business Loan Client

“To be the best, you have to dream big. To succeed, you need to make the right choices.”

Shane Samuels
Architect | Student Loan Customer

“ Constantly communicating with your banking representative and sharing the values and vision of your Bank are critical to success. We enjoy a solid relationship with our dream Bank.”

Salomon Doumith
Managing Director- Antigua Computer Technology Ltd. | Corporate Client

“Owning our own home was once just a dream, but dreams are powerful and with our bank taking care of our interest, we are fulfilling those dreams every day.”

Solomon and Alecia Cherubin
1st Time Mortgage Customers

Annual Report

Independent Auditors’ Report

Annual Report

Summary Consolidated Financial Statements

Annual Report

Board and Management

Board of Directors - Antigua Commercial Bank Ltd.
as at September 30, 2016

Annual Report

Board of Directors - ACB Mortgage & Trust Company Limited
as at September 30, 2016

Management Team - Antigua Commercial Bank Ltd.
as at September 30, 2016

Management Team - Antigua Commercial Bank Ltd.
as at September 30, 2016