Castries, Saint Lucia—March 28, 2008—Mr. Robert Norstrom-Managing Director of the East Caribbean Financial Holding Company Limited (parent company of Bank of Saint Lucia Limited, EC Global Insurance Company Limited, Bank of St Lucia International Limited, Mortgage Finance Company of Saint Lucia Limited and Property Holding and Development Company Limited) commenting on ECFH’s performance in 2007 noted that the Group achieved net profit after tax of $44 Million, representing a 26% increase over the results for 2006.
Mr. Norstrom attributed the Group’s performance to effective and extensive planning. ECFH annually undertakes a lengthy process of evaluating market conditions thus ensuring that customers receive appropriate products and services. Its flagship Bank of Saint Lucia Limited continues to be a key player in the local banking industry receiving the coveted Bank of the Year award as well as being named the number one bank from a survey done by Systematic Marketing & Research Services Inc.
The Group’s Total assets grew by 27% and were recorded at $2.0 Billion. Deposits grew by 22% to $1.4 Billion. Total Shareholders Equity increased by 84% to $320 Million contributed in part by the proceeds of the Additional Public Offer (APO) of ECFH shares in June 2007. The Group was able to meet the conditions for staff profit sharing for the third successive year.
After deductions for statutory and general reserves, a contribution to the Student Loans Guarantee Fund and the allocations for preference dividends, a final dividend of $16.5 Million is available for distribution to ordinary shareholders.
The Board of Directors of ECFH is therefore pleased to announce a final dividend of 70 cents per ordinary share. This, with the 30 cents already paid in October 2007 as an interim dividend based on the performance for the first half year ending June 30, 2007, gives a total ordinary dividend payout of $1.00 ($1.00 cents in 2006) for the year; or a return of 20% on the original share price of $5.00, 8% on the share price at the APO or 7% on the current market price of the shares. Final dividends will be paid to shareholders on record as at March 25, 2008.
