Barbados National Bank
In the face of increasing competition and rising cost of funds, Barbados National Bank (BNB) again increased profits, becoming the most profitable bank in Barbados.
Net profits for last year rose 14.6% to $39.7m, and the bank managed its cost/income ratio down more than two percentage points to 48.68% and cut its NPL ratio to 3.92% from 5.50% in 2004.
The bank focused on higher yielding consumer loans and that helped to minimise the impact of increased deposit rates, while diversifying its loan portfolio mix. This also reduced the exposure risk in, or dependence on, any one sector.
The bank continuously reviews its processes and policies to achieve the most efficient, cost-effective customer and employee-friendly environment possible. It opened two branches in strategic locations and expanded its ATM network in an effort to accommodate further growth and provide a more accessible service to customers.
“Since becoming a subsidiary of the Trinidad-based Republic Bank Limited in August 2003, BNB continues to build on its solid foundation while repositioning itself to become the market leader in all areas of activity,” says CEO Robert Le Hunte. “Our aggressive growth strategies to increase market share and maintain the bank’s asset quality, while increasing efficiency and profitability, are paying off. BNB leads the financial services sector in innovation, flexibility and profitability. Our customers have responded to our new image and business model and we continue to fulfil our role as model corporate citizen.”
