Bahamas - FirstCaribbean International Bank

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Notes to the Consolidated Financial Statements October 31, 2007 (expressed in thousands of Bahamian dollars) 8. Investment securities (continued) The movement in investment securities may be summarised as follows: Loans and Availableadvances for-sale Total $ $ $ Balance, beginning of year 2006 158,523 7,500 166,023 Additions 9,350 533,774 543,124 Disposals – sale and redemption (10,975) (4,982) (15,957) Loss from changes in fair value — (79) (79) Balance, end of year 2006 156,898 536,213 693,111 Transfer between classifications (156,898) 156,898 — Additions — 426,680 426,680 Disposals – sale and redemption — (236,453) (236,453) Loss from changes in fair value (Note 18) — (6,767) (6,767) Gain from change in unamortised premium — 3,189 3,189 9. Loans and advances to customers 2007 2006 $ $ (Restated) Mortgages 1,105,365 1,025,949 Personal loans 322,286 333,866 Business loans 991,025 1,064,612 Government securities purchased under — resale agreements 46,220 52,185 2,464,896 2,476,612 Add: Interest receivable 12,578 16,035 Less: Loan fee deferrals (19,760) (19,456) Less: Provisions for impairment - Specific provisions for credit risk (36,177) (39,680) - General provisions for inherent risk (5,562) (7,560) 2,415,975 2,425,951 Balance, end of year 2007 — 879,760 879,760 See Auditors’ Report Page 56. 74
Notes to the Consolidated Financial Statements October 31, 2007 (expressed in thousands of Bahamian dollars) 9. Loans and advances to customers (continued) Movement in provisions for impairment is as follows: Specific credit Inherent risk risk provision provision $ $ Balance, October 31, 2005 (36,640) (6,377) Doubtful debt expense (4,141) — Net movement in inherent risk provisions — (1,183) Recoveries of bad and doubtful debts (1,344) — Bad debts written off 2,445 — Balance, October 31, 2006 (39,680) (7,560) Doubtful debt expense (14,337) — Net movement in inherent risk provisions — 1,998 Recoveries of bad and doubtful debts (1,252) — Bad debts written off 19,092 — Balance, October 31, 2007 (36,177) (5,562) The average interest yield during the year on loans and advances was 8.3% (2006 — 8.4%). Impaired loans as at October 31, 2007 amounted to $157,785 (2006 — $123,630). Included in business loans are advances to FCIB Jamaica totalling $88,754, which are pledged in favour of that bank in support of loans granted to certain of its customers. Loan loss impairment is calculated as follows: 2007 2006 $ $ Doubtful debt expense 14,337 4,141 Net movement in inherent risk provisions (1,998) 1,183 Loan loss impairment for the year 12,339 5,324 See Auditors’ Report Page 56. 10. Property and equipment Equipment Land and furniture Leasehold Total buildings and vehicles improvements 2007 $ $ $ $ Cost Balance, November 1, 2006 18,535 32,386 12,051 62,972 Purchases 246 1,808 50 2,104 Disposals — (51) — (51) Assets written off — (8) — (8) Balance, October 31, 2007 18,781 34,135 12,101 65,017 Accumulated depreciation Balance, November 1, 2006 5,326 22,362 6,075 33,763 Depreciation (Note 21) 281 3,484 586 4,351 Disposals — (51) — (51) Balance, October 31, 2007 5,607 25,795 6,661 38,063 Net book value, October 31, 2007 13,174 8,340 5,440 26,954 Equipment Land and furniture Leasehold Total buildings and vehicles improvements 2006 $ $ $ $ Cost Balance, November 1, 2005 20,436 30,524 11,445 62,405 Purchases 450 1,438 84 1,972 Disposals (1,214) (191) — (1,405) Transfers (1,137) 615 522 — Balance, October 31, 2006 18,535 32,386 12,051 62,972 Accumulated depreciation Balance, November 1, 2005 5,282 19,898 5,460 30,640 Depreciation (Note 21) 322 2,614 600 3,536 Disposals (224) (189) — (413) Transfers (54) 39 15 — Balance, October 31, 2006 5,326 22,362 6,075 33,763 Net book value, October 31, 2006 13,209 10,024 5,976 29,209 75
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FIVE YEARS SERVING THE CARIBBEAN
Page 4 and 5:
Contents Notice of Meeting 3 Sectio
Page 6:
Five Years of Being First Left to r
Page 9 and 10:
Ownership Structure FirstCaribbean
Page 11 and 12:
Main Branches and Centres ABACO ISL
Page 13 and 14:
Willie Moss Attorney-at-Law Joseph
Page 15 and 16:
Directors, Senior Management and Ad
Page 18 and 19:
Chairman’s Report continued The a
Page 20 and 21:
18 Group Chief Executive Officer’
Page 22 and 23:
Chief Executive Officer’s Report
Page 24:
Bahamas Managing Director’s Repor
Page 28 and 29: 26 Strategic Business Units
Page 30 and 31: Retail Banking Commentary on overal
Page 32 and 33: Capital Markets Commentary on overa
Page 34 and 35: Corporate Banking Commentary on ove
Page 36 and 37: Wealth Management Commentary on ove
Page 38 and 39: Treasury, Sales & Trading Commentar
Page 40 and 41: Pradip Chhadva Managing Director Tr
Page 42 and 43: Human Resources/Marketing Commentar
Page 44 and 45: Juan M. Corral Managing Director Op
Page 46 and 47: Martin Griffiths Chief Risk Officer
Page 48 and 49: Management’s Discussion and Analy
Page 57 and 58: Financial Statements 2007 55
Page 59 and 60: Consolidated Balance Sheet As of Oc
Page 61 and 62: Consolidated Statement of Changes i
Page 63 and 64: Notes to the Consolidated Financial
Page 75: Notes to the Consolidated Financial
Page 93 and 94: FirstCaribbean International Bank (
Page 95: FirstCaribbean International Bank (
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Bahamas - FirstCaribbean International Bank

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