Solid Performance From ECFH In 2008

East Caribbean Financial Holding Co. Ltd. (ECFH), parent company of Bank of Saint Lucia and five other subsidiaries, is reporting solid results for 2008. Group Managing Director Robert Norstrom has revealed a net profit after tax of approximately $47million. This represents a 6% increase in profits over the preceding year (2007) when the ECFH recorded a profit of $44 million.

ECFH total assets grew by just under 2% to $2,042 million with all of its subsidiaries recording a profit for the period under review. Bank of Saint Lucia, the largest subsidiary, achieved a profit of just over $34 million after tax, and its total assets came in at $1.72 billion from its 2007 asset base of $1.6 billion.  Most noticeable, EC Global Insurance Company, the Group's general insurance arm, recorded a profit from the first time since it began operating four years ago despite an intensely competitive insurance market.

Source: Caribbean Business Report (CBR)