(PRESS RELEASE) — Following a solid financial performance for the year ended December 31st 2017, the East Caribbean Financial Holding Company (ECFH) has reported strong results for the half year ended June 30th 2018.
ECFH reported a half year profit after tax of EC$13.5million, compared to the same period in 2017 in which profit stood at EC$4million. Total assets grew from EC$2.118billion as at December 2017 to EC$2.160billion as at June 30th 2018.
The strong half year results reflect the performance of the sole subsidiary of ECFH, Bank of Saint Lucia (BOSL). BOSL achieved an improved capital position of 19%, well above the 8% regulatory minimum level. Balance sheet growth was attributed to increased customer deposits during the six month period.
Managing Director, Bernard La Corbinière stated that the results were indicative of improved efficiencies in several areas. “The Bank continues to focus on the implementation of initiatives geared at sustaining profitability by increasing value for our customers and shareholders, improving service, reducing costs, a proactive approach to loan recoveries and employee engagement. We remain committed to enhancing value and improving service offerings to our customers who have continued to demonstrate confidence in the Bank,” he stated.
As the largest indigenous financial institution in Saint Lucia, despite the strong results, ECFH continues to remain cautiously optimistic, cognizant of the external factors which continue to impact the domestic banking sector and the local economy including de-risking and correspondent banking relationships and the threat of natural disasters.