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This year international investment markets have exhibited significant volatility as a result of the weakness in the US economy.
I am, however, happy to record $15 million growth in Fee and Other Income when compared to the first quarter of 2007.
The first quarter’s profit attributable to shareholders of $27.8 million is $7.9 million lower than the first quarter of 2007. The performance in the first quarter last year contained $6.0 million in gains realised on the disposal of some regional investments which was not repeated in 2008.
While the first quarter of 2007 reflected a buoyant international investment climate such has not been the experience in 2008.
During the first quarter, we also commenced marketing two additional mutual products, one an Energy Fund and the other a Hedge Fund. The performance to date on these two funds has been credible with both funds registering actual double digit returns.
The Bank’s performance in 2008 will surpass the profits recorded for the financial year 2007.
Anthony N. Sabga, CMT,Hon LLD (UWI)
May 15, 2008