Clem Labega Square Philipsburg, St. Maarten, Netherlands Antilles ...

Independent
Auditors’ Report
To the Stockholders and Board of Directors of
Windward Islands Bank Ltd and Windward Islands Bank International
N.V. Sint Maarten
We have audited the financial statements of Windward Islands Bank Ltd. and the
financial statements of Windward Islands Bank International N.V. for the year ended
December 31, 2006, from which the condensed combined balance sheet and explanatory
notes were derived, in accordance with International Standards on Auditing.
In our auditors’ reports dated January 26, 2007, we expressed an unqualified opinion
on the financial statements of Windward Islands Bank Ltd. and Windward Islands
Bank International N.V. from which the condensed combined balance sheet and
explanatory notes were derived.
In our opinion, the accompanying condensed combined balance sheet and explanatory
notes as of December 31, 2006 are consistent, in all material respects, with the financial
statements of Windward Islands Bank Ltd. and Windward Islands Bank
International N.V. from which they have been derived.
For a better understanding of the condensed combined balance sheet and explanatory
notes and of the scope of our audit, the condensed combined balance sheet and
explanatory notes should be read in conjunction with the financial statements of
Windward Islands Bank Ltd. and Windward Islands Bank International N.V. from
which they have been derived and our auditors’ report thereon.
Sint Maarten, Netherlands Antilles
January 26, 2007
KPMG Accountants B.V.
V.T.M. Bergisch RA
THE WINDWARD ISLANDS BANK LTD. • ANNUAL REPORT 2006 • PAGE 7
Outlook
for 2007
Considering the diversity of our businesses and population
of different cultural backgrounds, we will be looking
for the right customers while fine-tuning our sales promotion
to target the specific market segments.
The significant growth in commercial credit is closely
related to the real estate boom placing more stress on the
environment.
This will call for more attention towards environmentally
responsible and friendly projects to maintain our good
corporate image.
The Bank has opened a branch at the new PJIA Airport
terminal and will continue improving our business premises
as well as the work environment of our staff particularly
at the Main office, the Consumer Loans
Department on the Bushroad and our BankCard
Services.
We’ll need to enhance the diversity and the specialization
of our work force to follow the changing customers and
their specific business needs in these times.
Our rapid growth calls for further training in Sales and
Financial administrative services to meet the regulatory
requirements and standards imposed by these new market
conditions.
Philipsburg will see the completion of the Backstreet
Renovation Program, turning this part of Philipsburg into
a major garment shopping center for the North Eastern
Caribbean.
The extension of the Cruise Harbor with additional recreational
facilities, the real estate and marina projects of Dock
Maarten and Bobby’s Marina will bring the Cruise Port
facilities closer to Philipsburg making it a major attraction
for the Cruise passengers.
In view of the number of new Condos being built and the
extension of some of the Hotel projects, we expect to see an
increase of stay-over tourists creating more business opportunities
and volumes in the Simpsonbay, Cupecoy and
Colebay area.
The Westin Resort, The Oysterbay club and the Acquarius
Condos and other real estate projects will be creating new
business activity on the eastern side of the island.
Continuous introduction of new services and products has
been a winning trademark of our Bank and we will continue
to improve our cash area and counter-service with new
systems.
Entering a new phase of the Constitutional changes defining
the island’s new status and relations within the
Kingdom will place some stress on the country’s
Government organization and its leaders, calling for closer
consultations with all social and economic stakeholders to
keep the future of our economy and the quality of life, on
the right track.
THE WINDWARD ISLANDS BANK LTD. • ANNUAL REPORT 2006 • PAGE 8