Pan Caribbean’s income rises 13%

Pan Caribbean Financial Services Limited has reported a J$197 million or 13 per cent improvement in net profits to J$1.72 billion at the end of its financial year ended December 2011.



For the reporting period the company said its net interest income grew by 7 per cent to J$2.94 billion, up from J$2.74 billion, a movement driven by growth in its balance sheet assets.



Assets on balance sheet totalled J$80.2 billion at the end of the year, a 10 per cent improvement over the previous year when the company reported J$72.6 billion, according to a statement to shareholders from chairman Richard Byles and president and chief executive officer, Donovan Perkins.



Non-interest income grew by 25 per cent to J$1.1 billion, of which net trading income accounted for the bulk – J$656 million.



With increases in staff and occupancy costs as well as other charges, Pan Caribbean's operating expenses moved up 4 per cent to J$1.71 billion.



"Occupancy was influenced by contractual increases as well as higher energy-related costs," the company said.



"Other expenses climbed largely due to higher marketing expenditure and technology costs," it added.



However, the company said its operating efficiency improved by 42.6 per cent, while asset efficiency ratio remained relatively stable at 112.4 per cent.



Pan Caribbean, a subsidiary of Sagicor Life Jamaica, last traded at $25.88 on the Jamaica Stock Exchange.



sabrina.gordon@gleanerjm.com