THE JAMAICAN ECONOMY: ANOTHER RECORD-BREAKING YEAR FOR PanCARIBBEAN!

Kingston, Jamaica: In the recently published audited financial statements for the year ended December 2011, Pan Caribbean Financial Services Limited reported its 11th consecutive year of record profits, making it only one of two companies listed on the Jamaica Stock Exchange with that distinction.

The company highlighted net income of $1.72 Billion, representing a 13% increase over prior year.  Earnings per share increased by 12% to $3.12 and during the financial year, shareholders received ordinary dividends of $1.28 per share.

Donovan H. Perkins, President & CEO of PanCaribbean noted, “We are particularly pleased that in a stable yet challenging economy, our Team pulled together to produce record profits for the 11th consecutive year in our first full year after the Jamaica Debt Exchange.”

 

PanCaribbean also reported a healthy balance sheet, with a capital to assets ratio of 14.9% and a risk weighted capital ratio of 21%, both well above the regulatory requirements of 6% and 10% respectively.  Total Assets grew by a respectable10% to $80.2 Billion.

 

Perkins highlighted the performance of the Group’s Sigma Funds, “our Asset Management Division performed particularly well this year, reflecting good business growth.  We added two new Sigma portfolios – Sigma Venture and Sigma Corporate, and ended the year with Optima out-performing all other Unit Trusts in Jamaica.”

Commenting on PanCaribbean’s focus required for 2012 and beyond, the PanCaribbean CEO said  “Every year has its challenges and opportunities.  Our customers think very highly of us, and we need to expand this amazing goodwill into more business.  The headwinds still remain but I am confident in my Team’s ability to continue to advise our clients, finance our customers and identify the opportunities that are there for them.” he explained.  “Double digit growth remains Agenda Item 1 and we can only achieve this with a Team that takes proper care of our customers.”

Pan Caribbean Financial Services Limited is a member of the Sagicor Group and a member of the Jamaica Stock Exchange.  In 2012, CariCRIS, the Caribbean’s Regional Credit Rating Agency, reaffirmed PanCaribbean’s jmA+ credit rating.  PanCaribbean was awarded in 2011, the prestigious Governor General’s Award for Excellency, the Best Practices Awards for Annual Report and the Best Practice Corporate Disclosure & Investor Relations Award by the Jamaica Stock Exchange and was named Company of the Year by Investor’s Choice magazine.