There can be no doubt that last year was a rough one for Capital& Credit. The Financial Group saw its net profit fall from J$389.4 million in the previous year to J$290.6 million. Deposits fell from J$9.3 billion to J$8.3 billion and securities sold under repurchase agreemens dropped from J$29.7 billion to J$27.4 billion. Earnings Per Stock (EPS) stood at 31 cents per stock unit, when compared to 38 cents for the comparable period of 2008. The contracting economy togethher with a significant fall in remittances proved challenging and most definitely impacted Captial& Credit's lines of business.

However the group remained undaunted and devised strategies that sees it well prepared to face this year. Speaking at the Group's Annual General Meeting (AGM) held at the Knutsford Court Hotel last week, Deputy Group President & CEO of International Business Andrew Cocking otlined some key strategies put in place last year. These included capitalising on opportunities created by fall out in available funding for sovereign debt by providing margin funding. The group also sought to contai operating expenses and took the decision to trim itself odf some staff members. It increased proprietary trading activities through the the introduction of foreign exchange trading and bolstered its investment banking by targeting corporate and retail clients.

Speaking with Sunday Finance Chairman of Capital& Credit Financial Group, Ryland T Campbell said: " Last year was a tough one for us. We experienced margin calls and reductions in our foreign currency holdings. The margin calls proved particularly challenging however we have weathered that storm and we are at a point where in the first quarter of this year we are doing better than we did for the same period last year. Our liquidity position is quite strong and we envisage going forward, we will be able to extricate ourselves from the portfolio of some real estate projects that have been lagging as a consequence of the demise of some of these investment schemes."

The Capital& Credit boss went on to say that if some of the bauxite plants are reopened and the funds for the public works projects are well managed, mot to mention that the government improves its efficiencies, collections and compliance the country can then stabalise its economic position.. However Campbell noted a number of concerns this year more notably the wages of public sector workers who continue to see the cost of living going up.

"As a bank we have to reposition and restructure given this new environment. The JDX will have an impact on those anticipating fixed income and negatively so those with acturarial obligations on pension funds. I think it was necessary for the country to stabailise the cost of doing business. What we have to do now is to improve the efficiencies in the way we do business and minimise waste whether it be the private or public sector. All in all, 2010 should be a better year provided we are not beset by natural disasters," said Campbell.

Addressing the AGM, he said that Capital& Credit cannot growth as it id before locally so it was now looking to extend its presence overseas and seek greater diversification of income. To that end it has formed alliances with online reimittance outlet XOOM and is heavily marketing in the US market particularly on Stephen Hill's CIN cable network in New York. It has also partnered with Blaylock Robert Van, a full-service broker dealer and investment bank registered with the SEC.

"We have exited from a heavy reliance on government paper andd support the JDX initiative. the decision was taken to relieve ourselves of some of our Eurobonds We do realise that fixed income clients will be hampered but we have to make adjustments. We are looking at alliances with compatible companies to extend our footprint outside of Jamaica," explained Capital & Credit's chairman.

The Group's senior executive team is no doubt mindful thatthe local sector still has opportunities and companies can grow locally bbut the international scene has scope for better returns. Although Capital& Credit International lost US$350,000 last year the US economy is picking up and together with ventures in the Caribbean, the Group is expecting to recoup those losses this year.

Capital& Credit remains one of the few indigenous financial sector players and its Jamaican mamagement team lead by Ryland Campbell have done well since the group was founded in the nineties. It is repositioning itself for the new operating environment and no longer regard itself as solely a local player. It is one of the few finance houses to reduce its interest rate on commercial loans, dropping them by 3 per cent earlier this year.

Both Earl Samuels and Maria Jones were re-elected to the Board of Directors and Deloitte& Touche were reinstated as Capital&Credit Financial Group's auditors.

There can be no doubt that last year was a rough one for Capital& Credit. The Financial Group saw its net profit fall from J$389.4 million in the previous year to J$290.6 million. Deposits fell from J$9.3 billion to J$8.3 billion and securities sold under repurchase agreemens dropped from J$29.7 billion to J$27.4 billion. Earnings Per Stock (EPS) stood at 31 cents per stock unit, when compared to 38 cents for the comparable period of 2008. The contracting economy togethher with a significant fall in remittances proved challenging and most definitely impacted Captial& Credit's lines of business.

However the group remained undaunted and devised strategies that sees it well prepared to face this year. Speaking at the Group's Annual General Meeting (AGM) held at the Knutsford Court Hotel last week, Deputy Group President & CEO of International Business Andrew Cocking otlined some key strategies put in place last year. These included capitalising on opportunities created by fall out in available funding for sovereign debt by providing margin funding. The group also sought to contai operating expenses and took the decision to trim itself odf some staff members. It increased proprietary trading activities through the the introduction of foreign exchange trading and bolstered its investment banking by targeting corporate and retail clients.

Speaking with Sunday Finance Chairman of Capital& Credit Financial Group, Ryland T Campbell said: " Last year was a tough one for us. We experienced margin calls and reductions in our foreign currency holdings. The margin calls proved particularly challenging however we have weathered that storm and we are at a point where in the first quarter of this year we are doing better than we did for the same period last year. Our liquidity position is quite strong and we envisage going forward, we will be able to extricate ourselves from the portfolio of some real estate projects that have been lagging as a consequence of the demise of some of these investment schemes."

The Capital& Credit boss went on to say that if some of the bauxite plants are reopened and the funds for the public works projects are well managed, mot to mention that the government improves its efficiencies, collections and compliance the country can then stabalise its economic position.. However Campbell noted a number of concerns this year more notably the wages of public sector workers who continue to see the cost of living going up.

"As a bank we have to reposition and restructure given this new environment. The JDX will have an impact on those anticipating fixed income and negatively so those with acturarial obligations on pension funds. I think it was necessary for the country to stabailise the cost of doing business. What we have to do now is to improve the efficiencies in the way we do business and minimise waste whether it be the private or public sector. All in all, 2010 should be a better year provided we are not beset by natural disasters," said Campbell.

Addressing the AGM, he said that Capital& Credit cannot growth as it id before locally so it was now looking to extend its presence overseas and seek greater diversification of income. To that end it has formed alliances with online reimittance outlet XOOM and is heavily marketing in the US market particularly on Stephen Hill's CIN cable network in New York. It has also partnered with Blaylock Robert Van, a full-service broker dealer and investment bank registered with the SEC.

"We have exited from a heavy reliance on government paper andd support the JDX initiative. the decision was taken to relieve ourselves of some of our Eurobonds We do realise that fixed income clients will be hampered but we have to make adjustments. We are looking at alliances with compatible companies to extend our footprint outside of Jamaica," explained Capital & Credit's chairman.

The Group's senior executive team is no doubt mindful thatthe local sector still has opportunities and companies can grow locally bbut the international scene has scope for better returns. Although Capital& Credit International lost US$350,000 last year the US economy is picking up and together with ventures in the Caribbean, the Group is expecting to recoup those losses this year.

Capital& Credit remains one of the few indigenous financial sector players and its Jamaican mamagement team lead by Ryland Campbell have done well since the group was founded in the nineties. It is repositioning itself for the new operating environment and no longer regard itself as solely a local player. It is one of the few finance houses to reduce its interest rate on commercial loans, dropping them by 3 per cent earlier this year.

Both Earl Samuels and Maria Jones were re-elected to the Board of Directors and Deloitte& Touche were reinstated as Capital&Credit Financial Group's auditors.

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