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Strong fiscal year for Pan Caribbean

05/30/10

Permalink 11:03:03 am, by amilnal
Categories: Business

Strong fiscal year for Pan Caribbean

For the first quarter, the Group reported consolidated net income of $396.9 Million, up 14% over last year's $349.1 Million. Earnings per share were $0.72 for the current quarter versus $0.64 for the comparative period. These results were positively influenced by balance sheet growth, contributions across all its lines of business and expense control.

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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The Small Sandal Shop

A married couple was on holiday in Jamaica. They were touring around the marketplace looking at the goods when they passed this small sandal shop.

From inside they heard the shopkeeper with a Jamaican accent say, "You!

Foreigners! Come in, come into my humble shop."

So the married couple walked in.

The Jamaican said to them, "I have some special sandals I think you would be interested in. They make you wild at sex."

Well, the wife was really interested in buying the sandals after what the man claimed, but her husband felt he really didn't need them, being the sex god he was.

The husband asked the man, "How could sandals make you into a sex freak?"

The Jamaican replied, "Just try them on."

Well, the husband, after some badgering from his wife, finally gave in, and tried them on. As soon as he slipped them onto his feet, he got this wild look in his eyes, something his wife hadn't seen in many years!

In the blink of an eye, the husband grabbed the Jamaican, bent him

violently over a table, yanked down his pants, ripped down his own pants,and grabbed a firm hold of the Jamaican's hips.

The Jamaican then began screaming; "YOU GOT THEM ON THE WRONG FEET!!!"

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