Net interest income rose 5% in Q3 to $765 Million compared to $725 Million over the same period in 2011. Non-Interest Income declined 18% with unrealized valuation losses in its trading portfolio impacting revenues negatively. Commenting on the results, PanCaribbean’s CEO, Donovan H. Perkins, indicated that the results reflected prevailing market conditions. “Growth has been a challenge. The market is highly competitive for new business and costs are rising,” said Perkins.
Operating expense increased by $212 Million to $1.5 Billion, mainly influenced by the new asset tax charge of $81 Million accrued year to date and an $89 Million jump in Team Member costs. According to the CEO, “2012 is an investment year for the organization in terms of people, product development and improving our distribution. This will continue to be our focus into 2013 as we seek to position the institution for accelerated growth.”
PanCaribbean recently announced that its shareholders approved the re-naming of the companies in the Group to strengthen its affinity with its parent - Sagicor Life Jamaica. “Our decision to re-brand supports our overall strategy of broadening our appeal and increasing our market share,” noted Perkins.
Pan Caribbean Financial Services Limited is a publicly traded company, listed on the Jamaica Stock Exchange. PanCaribbean was awarded an unprecedented five Jamaica Stock Exchange Best Practice Awards in 2011. PanCaribbean is a subsidiary of Sagicor Life Jamaica, and both companies have the distinction of being the only two listed companies with 11 consecutive years of record profits. In 2012, CariCRIS, the Caribbean’s Regional Credit Rating Agency, reaffirmed PanCaribbean’s jmA+ credit rating for the fifth consecutive year.