Notes to the Consolidated Financial Statements - FirstCaribbean ...

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