This outstanding achievement continues to build on the strong results returned in 2005. At the end of the second quarter 2006 the bank recorded a net income of US$42.7m, which represented an increase of 22% compared to the previous year, excluding the one-time gain on the sale of the bank’s shares in Republic Bank in the previous year.

As a primary driver of the bank’s profits, loan balances by the end of the second quarter had grown by over US$1 billion, or 25% compared with the same period in 2005.

The strong loan performance on the balance sheet and improved US Federal Fund rates contributed substantially to increased net interest income of 14% compared with the previous year, pushing total revenue up by 12%.

Commenting on the bank’s performance, Chief Executive Officer, Charles Pink noted that the organisation continues to perform strongly as a result of the commitment of its customers, as supported by the hard work of more than 3,500 employees across the region. “Our employees are holding true to the vision and goal which we have to be No. 1 for customers. Their exemplary performance exhibits itself in the numerous awards the bank has received in recognition of our staff’s many accomplishments”.

The Bank was recently awarded Global Finance Magazine’s “Best Bank in Barbados” Award for the third year running. “I am extremely proud of the dedication of all of our staff” he concluded.