The Eastern Caribbean Financial Holding (ECFH) Group recorded a strong financial performance for the year ending December 31, 2024, achieving a profit after tax of $92.4 million, the best performance in the institution’s history. This represents a significant increase of 24%, over 2023 ($74.7 million).
This impressive result reflects the collective dedication, passion, and diligence of the Bank’s management team and employees. Despite facing numerous challenges throughout 2024, the Group successfully achieved its key strategic milestones. Key drivers for the Bank’s strong financial performance include increased liquidity, a strong capital base and a high level of interest income arising from favourable international interest rates.
Additionally, the Bank experienced a significant increase in fees and commissions arising from the growth in its card business. Collectively, the Bank’s branches surpassed their performance targets for 2024.
Total assets increased by $639 million to $3.64 billion in 2024, making the Bank the largest in the Eastern Caribbean Currency Union. Net loans and advances expanded by $49.6 million, a small increase by the Bank’s standards. With the ratio of loan-to-deposits ratio at 32%, regulatory benchmark of 75-85%, the Bank is currently highly liquid and poised to grow its loan portfolio significantly. The expansion of the loan portfolio remains a strategic priority, which is expected to increase the Bank’s profitability in the years ahead.
Looking ahead into 2025, the Group anticipates a complex and dynamic economic landscape characterized by global tensions, the imposition of trade tariffs and a very uncertain global economic outlook.
Notwithstanding the challenges ahead, the Bank’s strategy will remain customer-centric, focusing on deepening customer relationships and enhancing the customer experience through the use of modern technology.
As it relates to The Group’s human resource, priority will continue to be given to investments in human capital, to enhance the skills, knowledge and engagement of employees. With several strategic initiatives in train, the Bank is confident of improving its performance in 2025, and adding more value for its customers and other key stakeholders.