Nicholas Richards and Shanya Gottshalk, Gleaner Writers 
Milton Brady, managing director of FirstCaribbean International Bank (Jamaica). - RICARDO MAKYN/STAFF PHOTOGRAPHER
FIRSTCARIBBEAN International Bank (FCIB) injected $1.3 billion (US$20 million) in new capital into its Jamaican operations since March this year, said FCIB (Jamaica) Limited managing director Milton Brady.
He made this announcement at the launch of the WICB Visa credit card at Cuddyz Bar in New Kingston last Friday.
"The business was under-performing from a profit standpoint," said Brady. Some thought the company had a cost problem. My analysis showed that there was a revenue problem which meant that the infra-structure was fine, but what we didn't have was the assets base ... to carry that infrastructure."
He said management approached the board and requested the capital injection, which would give them the ability to lend larger amounts and take more risk.
About a year ago, the board at FCIB took the first three months to evaluate the business and determine what needed to be fixed and how it should be taken forward.
Brady said, "We are bullish about our growth and that is why we have taken this initiative."
MORTGAGE PORTFOLIO
The bank has now increased loans to customers by over 65 per cent or almost $7 billion since June last year.
This is in comparison to the overall growth of the industry which stood between 12 per cent and 14 per cent over a 12 month period.
Brady said, "We have picked up significant market share over this time."
This increase means that the company's mortgage business has grown three times faster than its main competitors. A fraction of this $1.3 billion came from the bank's Barbados-based parent company.
NEW BRANCHES
Brady also said the bank, with its over US$9 billion in assets and market capitalisation of some US$3 billion, is planning to double its automated banking machine network by June 2007 to some 24 outlets.
The company will also be opening three new branches in Savanna-la-Mar, Westmoreland, Liguanea, St. Andrew, and Portmore, St. Catherine.
"The Sav-la-mar branch is the first and is targeted for October. Portmore is second and is targeted for December. Ligunea is targeted for early next year," Brady concluded.
FirstCaribbean is a major regional bank with market capitalisation of US$3 billion and a staff of 3,400 operating in 14 countries.
