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Strong fiscal year for Pan Caribbean
05/30/10
Strong fiscal year for Pan Caribbean
Ordinary dividends of $0.61 per share was declared during the first quarter and paid in April 8, 2010. The consolidated balance sheet grew $5.3 Billion to $70.5 Billion, up 8% and positively influencing Net Interest Income. Fixed Income trading, Asset Management and Stock-broking activities benefited from falling interest rates which had a positive impact on asset prices.
According to Donovan H. Perkins, President & CEO of PanCaribbean, "This positive impact has created opportunities for our customers, validating our consistent advice to customers over the last six months."
Despite sluggish economic conditions, our Credit portfolio continues to perform relatively well, and our non-performing loan ratio at 2.8% of the portfolio (industry average 4.7%) reflects its underlying quality. Underpinning PanCaribbean's business is a solid Capital base of $8.95 Billion, crossing the equivalent US$100 Million threshold for the first time, and with a conservative Capital to Assets ratio of 12.7%.
During the quarter, its principal Corporate Social Responsibility project, the 12th annual Sigma Corporate Run, attracted record support with over 11,000 participants. It has become the largest road race in the Caribbean and shows just how Jamaicans can get together to support great causes. This year, in partnership with the National Health Fund, Reggae Marathon and the newly formed Sagicor PanCaribbean Foundation, the Sigma Corporate Run raised more than $11 Million for the Sir John Golding Rehabilitation Centre, the Jamaica Society for the Blind and the Jamaica Association for the Deaf. The Sagicor PanCaribbean Foundation is established with the aim of improving the lives of children in the areas of sports, health and education. In commenting on the company activities and results, Mr. Perkins indicated "Our Directors are reasonably happy with the results and growth experienced in the quarter. Our entire Team, especially Operations, deserves the credit for the effort in working through the JDX exercise, keeping our customers informed while continuing to grow the business and deliver excellent results."
The CEO went on to say that "I am also positive on our outlook for the year given the stability that we worked hard for, and are now experiencing. What Jamaica needs now is a little good luck, and continued decisiveness by our leaders. JDX shows that many things are possible if we have the will, and are willing to communicate."
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Three Ministers
Three ministers - a Presbyterian, a Methodist, and a Southern Baptist and their wives were all on a cruise together. A tidal wave came up and swamped the ship, and they all drowned. The next thing you know, they're standing before St.Peter.
As fate would have it, the first in line was the Presbyterian and his wife. St. Peter shook his head sadly and said, "I can't let you in. You were moral and upright, but you loved money too much. You loved it so much, you even married a woman named Penny."
St.Peter waved sadly, and poof! Down the chute to the 'Other Place' they went. Then came the Methodist. "Sorry, can't let you in either," said Saint Peter "You abstained from liquor and dancing and cards, but you loved food too much.
You loved food so much, you even married a woman named Candy!" Sadly, St. Peter waved again, and whang! Down the chute went the Methodists.
The Southern Baptist turned to his wife and whispered nervously, "It ain't looking good, Fanny."
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