Cayman National announces ’04 results

Cayman National Bank is has announced its results for the year to September 2004.

The net profit achieved of CI$6,565,334 was up by more than 33 per cent upon the previous year. This creditable result was achieved despite the catastrophe of Hurricane Ivan that hit the Cayman Islands just days before the Bank’s year-end.

In announcing the results Mr. Stuart Dack, Chairman of Cayman National Bank, indicated that the Bank’s results, together with those for the Holding Company, Cayman National Corporation, would normally be completed by late December. ‘Understandably there has been a delay in producing the Bank’s figures this year, particularly as we wanted to carry out an extensive review of our lending to ensure that the Bank has very adequate provision- ing to cope with the outcome of any potential losses that may result from the storm,’ said Mr. Dack, adding, ‘Our detailed assessment leaves us comfortable with the situation and we are pleased that despite the unpredicted events of September 2004 the Bank remains very robust with a strong profit performance.’

Mr. Dack went on to say that the strengthening of the Bank’s balance sheet, where total assets increased by more than 25 per cent in the year to CI$708,034,010 (US$849,640,800 equivalent) and deposits increased by more than 27 per cent, is also attributed to the Bank’s steady and sustained growth.

Since its financial year-end CNB has also opened new premises on Edward Street, George Town, and has acquired the banking clients from the Aall Group. In this connection Mr. Dack indicated that a number of other opportunities are currently under consideration, saying, ‘There are many opportunities open to us and we will continued to pursue these whilst still ensuring that CNB maintains its position of strength and stability.’

Mr. Dack said that the 2004 results for the Cayman National Group are currently being finalised and will be announced within the next few weeks, once the external audit work is completed. ‘As anticipated, the level of Hurricane Ivan claims on our insurance company will have an impact upon the overall Group position,’ explained Mr Dack. ‘Detailed negotiations are underway with other parties within the international insurance industry to ensure that the situation is addressed in a sensible way. This will ensure that the situation does not affect the long term future of CNC and it will also position the insurance business to take advantage of the considerable opportunities that now exist’ he said.

Mr. Dack also paid tribute to the dedication of the staff at CNB which, coupled with the loyalty of its customers, is reflected in the strong results achieved by the Bank.