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Best Bank: First Caribbean International Bank (Bahamas)

Awards of Excellence
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. Furthermore, the bank streamlined a number of operational activities and automated many manual processes.

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