The result was a significant increase in RoE to 24.7% from 16.3% in 2005. At the same time, profits were up 58.4% in the year.
The bank finalised its recent acquisition programme last year and substantially increased its international relations and facilities with foreign institutions. This has allowed it to launch new products and broaden its customer offering.
BIC stands out as a leader in the Cuban market in steady and substantial growth in its business volume, as well as its diversified activities over the past 13 years, and particularly so since 2005, when the bank embarked on expansion.
“Last year, BIC again had a preponderant role in the handling of our country’s international transactions, and in the gathering of credit facilities required to keep pace with the needs of the national economy,” says chairman Marcos A Díaz. “The balance sheet more than doubled the previous year’s figures and at present total assets are even higher, having reached the $3bn mark.
“For this, and for the steps taken to further increasing the efficiency of our organisation, as well as its technological platform, we are certain that 2007 will be also a good year for our bank. Winning The Banker’s Bank of the Year Award, for the fifth time in the past eight years, is a reward for those efforts.”
