Solid Results for ECFH Despite a Challenging 2009

ECFH and its subsidiaries Bank of Saint Lucia Limited, EC Global Insurance Limited, Bank of Saint Lucia International Limited, ECFH Global Investment Solutions Limited and Property Holding & Development Company Limited have performed well for 2009. This creditable performance is despite very trying economic conditions, globally, regionally and locally. The Group’s asset base grew by $127 million to $2.2 billion. Customer deposits amounted to $1.3 billion with total equity recorded at $345 million. Not surprisingly, the credit portfolio came under pressure resulting in additional provision for delinquent loans. The Group achieved profit before tax of $40 million, while profit after tax was recorded at $26 million.

ECFH’s Managing Director, Robert Norstrom, stated that despite the challenging year, 2009 proved to be yet another successful one for the Group. For the second consecutive year, all the Group’s subsidiaries recorded profits. The banking subsidiaries did record declines in profits which was expected given the impact of the global financial crisis.  ECFH’s strong performance in the face of this challenging period is due to careful and prudent management strategies with regard to its investments, loan portfolio and liquidity management.  Shareholders equity increased by approximately 3% and the value of ECFH’s share price moved from $12.50 to $14.95 by the end of the 2009 financial year. ECFH’s total value by market capitalization at the end of the year stood at $362 million making it the largest financial institutions listed on the Eastern Caribbean Securities Exchange (ECSE).

ECFH maintains its position as a very well capitalized group generating steady returns to its shareholders. Chairman of the Group’s Board of Directors, Victor Eudoxie, points out that ECFH is approaching the future with cautious optimism since the Group has already been through what appears to be the worst of the world recession and survived well. Mr. Eudoxie is confident that the Group and its subsidiaries will experience stronger growth in 2010 as the global economy begins to stabilize. The Group is pleased to announce a final dividend payout to shareholders on record as at May 3, 2010 of twenty five cents ($0.25) per common share, resulting in a total dividend payout for 2009 of fifty cents ($0.50) per share.

Contact: Corporate Communications
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