Reprinted from Caribbean Net News
caribbeannetnews.com

FirstCaribbean chalks up another strong financial performance
12-21-2006

BRIDGETOWN, Barbados: Another strong financial performance has been recorded by FirstCaribbean International Bank. The region's leading financial services company has recorded a net income of USD$170.6 million for the financial year November 2005 – October 2006, an increase of 24% over the previous year.

Excluding its sale of its shares in Republic Bank in 2005, FirstCaribbean was able to increase its revenue by 18% mostly due to an increase in interest income, as a result of improved earnings from loans. FirstCaribbean increased its loan balances by a record $1Billion during the year, with the overall loan balances standing at $5.7 Billion.

Despite increased costs due to the acquisition of the ABN Wealth Management operations in Curacao, the Bank has been able to take advantage of continuing efforts to control its costs, and improve its efficiency. The ratio of costs to revenue now stands at 58.5%, a significant improvement over the past financial year’s 61.6%.

Chairman, Michael Mansoor, noted: “We believe we have made significant progress and achieved commendable results in 2006, and are particularly gratified that we have expanded our footprint by entering the Curaçao market. We thank our customers and our people throughout the region for their loyalty and support.”

CEO, Charles Pink, added his thanks to the Bank’s customers and staff around the Caribbean. “We have embarked on an aggressive agenda of growth and expansion, having acquired two new businesses in Trinidad and Curacao in as many years. We have significantly improved our service in existing markets, in particular by launching internet and telephone banking in all our countries of operation. These results could not have been possible without our team of world class staff who continue to surpass all expectations in demonstrating dedication to FirstCaribbean and its customers.”

FirstCaribbean’s performance has been attracting accolades from independent observers throughout the financial year. This year alone FirstCaribbean has received five Best Bank Awards from The Banker Magazine, Global Finance Magazine, Latin Finance Magazine and EuroMoney Magazine.