PanCaribbean makes marginal gains
Published:Friday | March 11, 2011 | 12:00 AM
Pan Caribbean Financial Services has showed a small increase of less than three per cent in after-tax profit, despite foreign-exchange losses and depressed margins as interest rates decline.
Like other interest income-dependent operations, PanCaribbean has been seeking ways to grow business, particularly its commercial-banking arm which is trying to compete more aggressively through print and television campaigns.
The investment firm also brokered the public offering and listing of Dolphin Cove, the largest junior market debut of eight stocks.
For the reporting period ending December 2010, PanCaribbean, which is 83 per cent owned by Sagicor Life Jamaica, made annual profit of J$1.52 billion or J$2.70 per share, compared to J$1.47 billion or J$2.78 per share in 2009.
Still, President and CEO Donovan Perkins said in a statement that the outcome represented a 10th consecutive year of record net profit.
Interest income fell by J$1.8b to J$6.6 billion.
Assets grew J$7 billion to J$72.6 billion.
In his outlook for 2011, Perkins foresees challenges because of the "still fragile" Jamaican economy which, while likely to grow, he said, needs a faster pace of recovery.