CAPITAL AND Credit Merchant Bank Limited (CCMB) has recorded an after tax profit of $90.24 million, an increase of $46.18 million for its consolidated results for the first quarter ended March 31, 2003. This represents a 104.83 per cent over the $44.05 million achieved for the corresponding period last year, as the Bank proceeds on its projected profit path for 2003. Profit Before Tax for the first three months amounted to $122.53 million, an increase of $63.51 million or 107.61 per cent increase over the $59.00 million recorded for the similar quarter last year. Commenting on the first quarter achievements, President and CEO of CCMB, Curtis Martin, expressed confidence that the Bank is on its way to achieve its projected target of $420 million after tax for the year ending December 31, 2003. "Our first quarter performance," he says "highlights the resiliency of our business strategy of a diversified income stream, resulting in excellent performance in varying economic conditions." Assets Under Management now stands at $32.66 Billion, an increase of $14.00 Billion, over the comparative period at March 31, 2002 and according to Mr. Martin, "this continued growth in has contributed to the increase in net interest income and Other Revenue to $229.21 million at the end of the first quarter 2003, up by $102.37 million or 80.71% over the $126.84 million recorded for the corresponding first quarter 2002." The Bank's President is careful to note "Capital & Credit's un-audited report is in line with the new regulatory requirements from the Bank of Jamaica, as well as the pertinent issues under the new International Accounting Standards. Consequently, the Bank's results reflect the operation of Funds Under Management as part of its normal business transactions, as less than $1 billion of the more than $30 billion under management, will be classified for 'Off Balance Sheet' transfers to the subsidiary upon implementation of the BoJ instructions." "The growth in the Balance Sheet" he says, "represents not only the impact of continuing growth in the level of operation, but also consolidated amounts previously disclosed as Off Balance Sheet." "Cost containment," Mr. Martin explains, "has supplemented the growth in Net Interest Income and Other Revenue, as well as Assets under Management, keeping Operating Expenses & Provisions to $106.68 million." This increase of 57.30 per cent is favourable, when compared to the $67.82 million achieved in the corresponding period in 2002, given the profit increase of over 104 per cent for the first quarter. Speaking on behalf of the Board, Chairman and Group President, Ryland T. Campbell, says the Directors are satisfied with the Bank's profitability and growth and are confident that the 2003 projection of $420 million after tax will be achieved. The Chairman expressed very positive expectations that the Initial Public Offering which opened yesterday, will be very successful and that CCMB will achieve another historical milestone by becoming the first merchant bank to be listed on the Jamaica Stock Exchange.The Group President notes that the Bank's subsidiary, Capital & Credit Securities Limited, has made a significant contribution to the strong 1st quarter consolidated performance, especially its Stock Brokerage Services. Mr. Campbell underscored the Bank's strategy to accelerate the diversification of its income stream and its investment in technology and says "strategic employment of human resources, as well as intensive marketing and salesmanship contributed to the excellent performance of our stockbroking and foreign exchange trading services." The Directors and management, he says, are confident that the CCMB will maintain its profitability and growth, as a result of implementation of these strategies. Capital & Credit Merchant Bank Limited began operations in 1994 and has earned the reputation of being one of the fastest growing and most profitable merchant banks in Jamaica. In April last year, CCMB achieved a first in Merchant Banking history in Jamaica when it reached $1 Billion in Shareholders' Equity.