Cayman National Corporation has announced a group profit of CI$8,141,568 for the half-year to 31 March, 2005.
This performance represents an increase of nearly 60 per cent when compared with the same period to March 2004. Other highlights at the half-year include: –
Total income up by 19 per cent to CI$22.7m.
Total deposits up by 7 per cent to CI$699m
Total assets for the first time exceeded US$1 billion (CI$886,023,635).
Group President and Chief Executive Officer, Stuart Dack says, ‘After a difficult period at the end of our last financial year, which ended on 31st September 2004, when Hurricane Ivan caused us considerable disruption with our insurance subsidiary, Cayman General Insurance, it is good to see the business back on a very sound footing.’
All divisions of the group are performing profitably and Cayman National Bank has performed particularly well. Our drive to reduce costs has given our profitability a strong boost at a time when sound results are very welcome. We are also delighted that our local and international customers have shown strong loyalty to the Group enabling us to grow our deposit base. It is a tribute to the strength of the Group and its 30-year history that, for the first time our total assets exceeded US$1 billion. This is an important bench mark for an organization like ours which augurs well for our future.
‘With the impact of Hurricane Ivan finally behind us we can now build on the first half’s robust trading and focus on new initiatives and opportunities in the upcoming months.’
Related Videos
