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Bank of Saint Lucia - Committed Corporate Partner for Saint Lucia Jazz 2010
Bank of Saint Lucia emerged as a stellar sponsor of this year's Saint Lucia Jazz Festival which celebrated its 19th anniversary of existence. The bank was Gold sponsor of Jazz in the South and Soufriere Creole Jazz both of which were particularly successful this year. Jazz in the South added a new venue to its repertoire with Coconut Bay Beach Resort and Spa in Vieux Fort hosting three nights of performances.
For the first time, Bank of Saint Lucia was Silver sponsor of Jazz on the Pier which was presented in a new format with more local acts being featured at the event. This resulted in the largest audience for Jazz on the Pier since it was established giving the bank even more exposure. To round out its sponsorship, Bank of Saint Lucia was Bronze sponsor of Main Stage Jazz at Pigeon Island and the event's official financial service provider. As official financial service provider, the bank offered a bureau de change facility, point-of-sale at the ticket booth and its wireless point-of-sale service, Swipe on the go to concessionaires at the event.
The bank's sister subsidiary, EC Global was Silver sponsor Jazz on the Square which was hosted for three days featuring both local and regional musicians. Bank of Saint Lucia and its parent company, ECFH, have been consistent in their support of the Saint Lucia Jazz Festival since it began in the 1990s. The Group's level of sponsorship has grown considerably from year to year, and 2010's contribution was the largest with over $90,000.00 committed to this year's festival. This is indicative of the company's commitment to the socio-economic progress of Saint Lucia and the role that the festival plays in ensuring that. |
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ECFH Steady in its Support of NCF Telethon
For the seventh year running, ECFH gave its support to the National Community Foundation's (NCF) Annual National Telethon that took place on April 25th at Samaan's Park. Once again, ECFH pledged $25,000.00 to the NCF which was formally presented to the Executive Director, Juliana Alfred at the event. In addition to its financial donation, ECFH provided volunteers and logistical support to the NCF for the staging of its seventh telethon. The Group's Senior Manager for Marketing and Corporate Communications, Maria Fowell, also volunteered to accept telephone pledges along with other notable personalities on the day of the telethon.
Since NCF began hosting its annual telethon in 2003, ECFH has contributed over $130,000.00 to the event and has been a steady and consistent partner. In 2007, the Group increased its annual contribution from $20,000.00 to $25,000.00 and gave a five-year commitment to the NCF initiative. ECFH's consistent support of the NCF's Annual National Telethon is in keeping with its corporate social commitment to the socio-economic improvement of all Saint Lucians, and particularly to the less fortunate among us. |
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ECFH Group Building Making Progress
Construction of the ECFH Group Building scheduled for completion in 2011 is making steady progress. The ECFH Group Building is being constructed in Massade, Gros Islet and represents the Group's strategic vision of expansion and growth, particularly in the north which is fast emerging as a major commercial hub of activity on the island. Already, in July 2009, the Group's largest subsidiary, Bank of Saint Lucia Limited opened a business centre, the Bank of Saint Lucia Rodney Bay Business Centre, to facilitate the needs of the commercial community in that area and its environs.
The ECFH Group Building will house some of the Group's subsidiaries such as its brokerage company, ECFH Global Investment Solutions Limited and Bank of Saint Lucia International Limited (BOSLIL), its international bank. The Group's own subsidiary, Property Holdings and Development Company Limited (ProDev) is leading this major construction project with Metro Construction Limited as the main contractor. Significant infrastructural work has already begun on the building and there has been real progress despite the recent drought that would have affected construction activity on the island.
The ECFH Group Building is expected to streamline the Group's diverse lines of business and financial services. It is also a tangible expression of the company's remarkable evolution since its establishment in 2001 and the promise of even more significant growth in the coming years. |
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Financial Focus airs on Tuesdays at 8:00 pm on DBS, Thursdays at 8:00 pm on HTS and Thursdays at 7:00 pm on NTN. |
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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. |
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