First Caribbean International Bank (Jamaica) is reporting an increase in revenues and stability in the face of both a local and global downturn in the economy, largely due to operational cost management and a strong parent based in Barbados.

Speaking yesterday at its Annual General Meeting (AGM) held at the Jamaica Pegasus, FirstCaribbean's Group Chairman, Michael Mansoor said: "The Bank is well-capitalised and in a strong and stable financial condition which makes it predisposed to capitalise on improvement in growth and general economic expansion which may occur this year."

The Chairman declared that FirstCaribbean (Jamaica) achieved net income attributable to equity holders of J$886.7 million an increase of 6 per cent or J$51 million year on year and paid a dividend of 40 cents per share to stockholders, last year.

Managing Director, Clovis Metcalfe in his address said that revenues increased by J$667 million compared to 2008 driven by high operating income which included gains from sale of securities as well as high income fee income. Total revenue was also positively impacted by gains from hedges compared to losses in 2008.

Mansoor credits the Bank's performance to, " its focus on client service and cost containment and an unrelenting committment to product systems, technological excellence and the maintenance of a robust risk and control culture."

New products like " the deposit suite" and the "Jump Start Loan" which finances insurance premiums for homes and automobiles resonated with customers in 2009.

" First Caribbean ( Jamaica) placed greater emphasis in 2009 on deposit growth and hard currency mortgages, which improved the value proposition to our customers through cross-selling of existing products and also launched the "A" Advantage account and the co-branded British Airways Via Platinum Card," said Metcalfe.

Last year saw First Caribbean partuicipate in some major transactions, among them were the restructuring of the refinancing of US$42 billion in debt for the Jamaica Public Service and US$23 million in project financing for the refurbishing of one of Jamaica's oldest hotels.

Total assets stood at J$52.6 billion as at October 31,2009 an increase of J$3 billion. Cash resources increased by J$2.7 billion or 27 per cent. The investment securities portfolio increased by J$1.2 billion over the prior year. Net loans and advances to customers declined by J$1.2 billion. Operating expenses of J$2.6 billion increased by J$288 million over the preceeding year. Staff costs of J$1.2 billion exceeded the prior year by J$101 million mainly due to salary and benefit increases pursuant to contractual obligations with employees.

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