(Jamaica) Limited - FirstCaribbean International Bank

Executive Chairman
Michael K. Mansoor
Chairman’s Letter
I am pleased to report that our 2009 financial results and
overall performance were relatively strong despite the
continuing lack of real growth and generally weak economic
conditions that persisted in Jamaica.
The Bank achieved net income attributable to equity holders
of $886.7 million ($835.1 million in 2008). A dividend of
40 cents per share was declared and paid to stockholder
during the year. The Bank is well capitalised and in strong
and stable financial condition. What this means is that we are
well positioned to capitalise on improvements in growth and
general economic expansion which may begin in 2010.
Generally the economy in Jamaica is a direct function of tourist
arrivals and yield per head, bauxite earnings, buoyancy in
international financial centres and foreign direct investment.
The government finances and revenues and employment
statistics are directly affected by these variables and it is
expected that as the world economy rebounds the Jamaican
economy will experience growth.
While your Bank is impacted by these overall conditions,
we have been able to achieve good financial results in the
key segments of the business because of our focus on client
service and cost containment, an unrelenting commitment
to product, systems and technology excellence and the
maintenance of a robust risk and control culture. In addition
we have been able to motivate our people to work assiduously
to retain our clientele and provide higher levels of service.
During the year, we have continued to invest in the training
and development of our people. This focus will continue in the
coming years, with some of our people taking up assignments
at our ultimate Parent Company, CIBC, as needed, in order to
gain wider specialist training and expertise.
As importantly, we have made excellent progress in
strengthening the basic infrastructure of the Bank in the
key areas of controls, technology and management policies
and structures to promote judicious cost control, product
enhancements and efficient service delivery.
The Board of Directors has provided strong and enlightened
leadership in ensuring that all key elements of our governance
structure are in place and functioning and also monitoring
the financial and overall performance of the group.
I wish to place on record our appreciation to all our people,
Directors, Executives and the 487 client-serving and support
people for their tremendous contribution during this difficult
but successful year. I also thank our customers, the government
and regulators for their support and loyalty during the year.
Michael K. Mansoor
Chairman
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