Bahamas - FirstCaribbean International Bank
Bahamas - FirstCaribbean International Bank
Bahamas - FirstCaribbean International Bank
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Management’s Discussion and Analysis<br />
Of Operating Results and Financial Condition for the Fiscal Year Ended October 31, 2007<br />
Financial Highlights<br />
B$(000) 2007 2006<br />
(Restated)<br />
Net Income<br />
($ thousands)<br />
Net income 109,860 100,700<br />
Earnings per share (cents) 91.4 83.8<br />
Total assets 4,668,455 4,423,961<br />
Total equity 643,332 596,738<br />
Return on assets 2.4% 2.6%<br />
Return on tangible equity 25.2% 25.3%<br />
Ratio of operating expenses to revenues 31.8% 38.3%<br />
Earnings per share increased to 91.4 cents from last year’s restated amount of<br />
83.8 cents, an increase of 9.1%.<br />
Dividends per share (cents) 47 55<br />
Dividend pay-out ratio 51% 66%<br />
Dividends times covered 1.94 1.52<br />
Earnings Per Share<br />
91.4<br />
* Based on four quarters rolling averages<br />
Overview<br />
<strong>FirstCaribbean</strong> <strong>International</strong> <strong>Bank</strong> (<strong>Bahamas</strong>) Limited recorded another strong<br />
financial year. Net income grew to $109.9 million, an increase of $9.1 million, or<br />
9.1% over the restated amount for last year. Total assets grew by $244 million,<br />
an increase of 5.5%. Return on equity remained steady at 25.2%, while return<br />
on assets dipped slightly, reflecting the strong asset growth combined with the<br />
steady, superior earnings.<br />
51.3<br />
83.8<br />
81.6<br />
46
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