Best Bank: First Caribbean International Bank (Jamaica)
After a highly robust performance in 2006 when the bank’s asset base increased by 41% to $480 million and net income after tax rose by 29% to $9.14 million, First Caribbean International Bank Jamaica recorded net income of $5.77 million for the six months ending April 30 2007. This compares with net income of $3.94 million for the same period last year, an increase of 46%. Total assets stood at $592 million at April 30, reflecting a year-to-date growth of 22%.
In its fiscal year end at October 30 2006, the bank reported that its loan portfolio had increased by 55% last year. The growth trend continued in the first half of 2007 with a 16.5% rise in loans. Its market share of the Jamaican commercial bank loan market increased from 8% to 11%.
First Caribbean maintains its good portfolio quality, with non-performing loans as a percentage of total loans being 1.6% versus the industry average of 2.9%.