The Caribbean Union Bank (CUB) has registered a profit of $2.9 million dollars before tax during the past fiscal year 2018. CUB is owned 80% by the Government of Antigua and Barbuda as a result of a purchase of equity made nearly three years ago. According to the government,at the time of the investment, the opposition UPP asserted that the decision was being made to bailout friends. However, the new administration remained steadfast in its determination to invest in enterprises with potential for profitability. The Cabinet was recently told that CUB has been turned-around.