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Half Year Profit of EC$17.6 Million for ECFH and BOSL

Image: Bank of Saint Lucia building on Bridge Street. [PHOTO: Stan Bishop]

PRESS RELEASE — Following a commendable financial performance for the year ended December 31st 2018, the East Caribbean Financial Holding Company (ECFH) and banking subsidiary Bank of Sant Lucia have reported strong results for the half year ended June 30th 2019.

ECFH reported a half year profit after tax of EC$17.6 million representing an increase of EC$4.1M (30.7%),compared to the same period in 2018 which recorded an EC$13.5million profit. This is attributable to the continued growth and performance of its sole subsidiary, Bank of Saint Lucia. Total assets grew by 3.6% from EC$2.160 billion as at December 2018 to EC$2.3billion as at June 30th 2019.

Image: Bank of Saint Lucia building on Bridge Street. [PHOTO: Stan Bishop]
Bank of Saint Lucia has recorded significant profits at the half year mark.
Balance sheet growth was the result of strong performance in the investment portfolio and increased customer deposits during the six-month period. Managing Director, Dr. Bernard La Corbinière attributes much of the Bank’s success to the unwavering support of its customers and shareholders, the hard work and dedication of Directors, managers and staff and the focus engendered by the implementation of its strategic plan.

He said a special word of thanks to customers: “Thanks must be extended to our customers and shareholders for the continued confidence they have placed in us at the Bank. In an era where customers have many banking choices, we are privileged to have the opportunity to continue to earn your business and your trust.”

In addition, Dr. La Corbiniere stated that continued improvement in efficiencies augured well for the sustained performance of Bank of Saint Lucia, “The steadfast efforts towards the implementation of initiatives under our 2018-2020 Strategic Plan, continue to reap rewards for our Bank. We will continue in this vein, to aggressively pursue this strategy in ensuing years to ensure sustained profitable performance, an improved customer service experience and overall value for our customers and shareholders.Much work remains to be done and we look forward to working with all stakeholders in enhancing this value and improving the service experience which customers have with Bank of Saint Lucia.”

The Managing Director expressed thanks to the Board, Management and Staff of the Bank for their collective contribution and for their continued commitment in working with all stakeholders to build an even better Bank of Saint Lucia. He indicated that ECFH and Bank of Saint Lucia continue to remain cautiously optimistic about the future, bearing in mind the many factors which continue to directly impact the domestic banking sector and the national economy.

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