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Best bank: First Caribbean International |
In 2007, the Barbados business unit of First Caribbean International reported good financial results. Productive loans and advances offshore and onshore ended the fiscal year at $1.7 billion, reflecting an 8.2% growth for Barbados over 2006. Net income for the business unit, which includes the East Caribbean Islands and Belize as well as Barbados, came to $65.2 million, an increase of 23.5%. Barbados alone recorded net income of $34.7 million, an increase on the previous year of 30.1%. This contrasts with Barbados National Bank’s 10.7% increase in 2006-07 profits. By December 2007, IT upgrades on three platforms across First Caribbean’s business had also been completed.