Big banks getting bigger
TOTAL assets belonging to commercial banks, as well as the island’s sole merchant bank and building societies, have passed the $2-trillion threshold as disclosed by prudential indicators released on Monday, November 22, 2021 by the Bank of Jamaica (BOJ).
Aggregate system assets held by the three deposit-taking institution (DTI) sectors as at September 30, 2021 are now $2.2 trillion. Commercial banks, numbering eight, hold the lion’s share in the DTI sector, amounting in total to $$2.03 trillion.
National Commercial Bank (NCB) remains the largest commercial bank by assets with $767.58 billion in value as at September 30.
Second-ranked is Scotiabank Jamaica Limited (BNS) with $478.11 billion in assets; and third-ranked is Jamaica National Bank (JN Bank) with $230.51 billion in assets.
The commercial bank which falls into fourth place is Sagicor Bank Jamaica Limited (SBJL )with $175.56 billion in assets; and FirstCaribbean International Bank (FCIB) holds the fifth spot with $146.79 in assets.
JMMB Bank with $137.19 billion in assets as at September 30, 2021 is placed at number six among commercial banks by asset value. In seventh place in the ranking is First Global Bank (FGB) with $72.09 billion in assets. The island’s smallest commercial bank is Citibank, NA (CBNA) with $28.3 billion in assets.
Total assets held by the island’s sole merchant bank, Cornerstone Merchant Bank, are $7.1 billion, while those held by its two building societies amount to $177.98 billion.
Scotia Jamaica Building Society (SJBS) has $25.16 billion in assets while VM Building Society (VMBS) holds $152.82 billion in total l assets.
Total asset growth for the commercial banking sector was 10.8 per cent year over year, while asset growth of 21.9 per cent was recorded for Cornerstone and 10.2 per cent for the building societies.
Total deposits held by all 11 institutions in the DTI sector amounted to 1.34 billion with a rate of deposit growth of 11.8 per cent.
The deposit growth rate for commercial banks was 11.5 per cent; for the merchant bank 52.3 per cent; and for the building societies 15.7 per cent year over year.
Total loans in the DTI sector was $1.08 billion as at September 30, 2021, with a growth rate of 9.5 per cent for all sectors.
Loans grew fastest for Cornerstone Merchant Bank at 76.3 per cent year over year; expanded by 8.4 per cent for commercial banks; and increased by 18.9 per cent for building societies.
