FirstCaribbean International Bank (FCIB) has undertaken several significant strategic initiatives in the past year aimed at improving shareholder return. Tier 1 capital rose by 90.66% and net profits were up 38.67% in the year. The cost-income ratio was managed down to 62.9% from 70.5% previously, and the NPL ratio was cut to 1.5% from 1.8% in the same period. The group floated a $1.5bn bond, which was over-subscribed, the proceeds of which are to be used to fund the ongoing growth of the business.
The corporate banking division closed its largest ever transaction, a $46m loan to Grace Kennedy for the cross-border acquisition of the UK company WT Foods. The bank’s retail business continues to register impressive performances in the mortgage segment, with growth fuelled by new products like the hard currency mortgages for high-end second home and holiday properties. FCIB is well on its way to doubling its island-wide ATM network, to provide greater access for its customers.
“This year’s Bank of the Year award is particularly poignant for FirstCaribbean Jamaica because we have had to work that much harder to distinguish ourselves in a very competitive industry with larger, well-established players,” says managing director Milton Brady. “Now the 2007 award has reaffirmed that we are continuing on the growth path that we have charted. It could not have been achieved without the support of a truly dedicated team and a solid base of loyal customers.”
