Best Bank: First Caribbean International Bank (Bahamas)
Latin American regional awards
First Caribbean International Bank Bahamas’s strong performance continued into 2007. It reported a net income of $35.9 million for its first quarter (ending 31 January 2007), 24% up on the same period the previous year. The total loan book rose to $2.5 billion at the end of January from $2.2 billion at the end of January 2006. The returns on assets and on tangible equity for the first quarter of the bank’s current fiscal year were 3.1% and 34%, respectively.
During the last fiscal year, net income rose to $110.7 million, 13% higher than in 2005. The bank posted substantial growth in its business loan portfolio (rising by 24%) and the continued expansion of its residential mortgages (growing by 19%). These drove its interest income up $39 million over the previous year.
Several initiatives were launched during the past 12 months to improve its customer service experience, including the Helpful Partner programme designed to address process inefficiencies.