Bahamas - FirstCaribbean International Bank
Bahamas - FirstCaribbean International Bank
Bahamas - FirstCaribbean International Bank
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Chief Executive Officer’s Report continued<br />
Earnings per Share – US Cent<br />
Community Partnership<br />
4.6<br />
5.8<br />
9.0*<br />
10.4**<br />
13.3***<br />
Increased profits and our “1% of net income before taxes and minority<br />
interests” commitment brought a US$2.0 million investment in the activities<br />
of our community foundation “Comtrust” in 2007. The Trust’s investments<br />
are covered in the separate Corporate Responsibility Annual Report but it is<br />
clear the Trust’s flagship programmes of “Unsung Heroes” and “Adopt-a-<br />
Cause” go from strength to strength.<br />
The Executive Leadership Team and I enjoyed playing our own small part as<br />
we “Adopted a Cause” at Teen Challenge Barbados.<br />
Conclusion<br />
2007 was another exceedingly strong year for <strong>FirstCaribbean</strong>. A record<br />
seven “Best <strong>Bank</strong>” awards won from the likes of The <strong>Bank</strong>er and Global<br />
Finance is independent testament to that achievement.<br />
People<br />
2003 2004 2005 2006 2007<br />
* Normalised for the gain on sale of Republic <strong>Bank</strong> shares and restated to<br />
reflect the retrospective impact of IAS 18.<br />
** The 2006 numbers have been restated.<br />
*** Normalised to exclude gain on VISA transaction.<br />
Again, our investments in our people focused on learning and development<br />
with our Training investment reaching a record $3 million. The Wharton<br />
mini-MBA for senior management has completed its first “Cohort” with rave<br />
reviews. For new starters, we launched our “FirstStart” training programme.<br />
We have invested significantly in 2007 in upgrading our buildings for the<br />
benefit of staff and customers, the highlight being the launch of our new<br />
Barbados Business Centre, a US$10 million investment in a state-of-the-art<br />
“greenfield” Technology and Operations Centre housing some 450 staff.<br />
As we bring 2007 to a close we also bring our first five years as <strong>FirstCaribbean</strong><br />
to a close. The chart on the previous page captures our track record. A<br />
tripling in profits and Return on Equity increasing from 10% to 20% are<br />
the highlights. It’s been a great five years and I again thank our staff and<br />
customers for making it so.<br />
Going forward, the environment looks less rosy with the US economy<br />
slowing significantly and US interest rates falling. Nevertheless, I believe<br />
that with the investments we’ve made, our conservative approach to risk,<br />
and above all the quality and commitment of our 3,500 people, we are well<br />
positioned to weather any impending storm.<br />
Charles Pink<br />
Chief Executive Officer<br />
21