Clarien Bank profit rises 220%
Clarien Bank has reported a full year profit of $3.9 million, up 220 per cent compared to 2016.
In a statement the bank said it had made significant investments in expanding its product portfolio, enhancing operational efficiencies and “maintaining disciplined expense management”.
Clarien iTrade, an online brokerage platform, achieved a 140 per cent revenue growth in 12 months.
The bank’s net interest margin for 2017 was 3.68 per cent, slightly down from the 3.7 per cent achieved the year before. The loan portfolio reduced $11.3 million from $756.4 million to $745.1 million at the end of December. However, higher levels of accelerated payments were offset by new lending which increased 47 per cent to $78 million.
There was a $1.3 million increase in net fees and commission to $11.6 million.
Non-interest expenses remain a key focus for the bank. For the year, expenses increased to $46.7 million driven primarily by a $1.1 million incurred one-off cost relating to investment in the Bank’s Anti Money Laundering programme.
Credit related impairment losses on loans and advances to customers was $6 million in 2017 down from $8.6 million. Impaired loans of $75.8 million represented 10 per cent of the total loan portfolio at December 31, and were down 4 per cent from the previous year.
Ian Truran, Clarien chief executive officer, said: “With an increase in net profit and strong growth in new loans, we continue to position Clarien Bank for future growth through operational efficiencies and portfolio expansion.
“We made significant investments in products, services and technology, including enhanced online and terminal transactions for commercial clients through Clarien Merchant Services; increased rewards flexibility and online purchase security for our Clarien Visa card clients.”
He also mentioned Clarien iTrade “which enables investment clients to build the right portfolio to reach their investment goals”.
Mr Truran added: “Clarien continues to optimise performance by streamlining processes and investing in automated solutions as customers seek more mobile, personalised and digital banking options. We are committed to exceeding our clients’ expectations by being customer obsessed through innovation and service excellence.
“In partnership, our shareholders, the Gibbons family through Edmund Gibbons Limited, NCB Financial Group Limited and Portland Private Equity Limited, are committed to offering the highest quality products and services to meet the needs of our discerning clients.
“Strengthened by the NCB integration, Clarien is well-positioned for exponential growth and we look forward to the coming 12 months with increased determination and confidence.”
Tokunbo arrested after car crash
Senior magistrate issues dress code
Hospital outsources beds strategy
Boat crash victim’s family sue skipper
Pets stop by for a spot of grooming
Markel CatCo executives out after review
Easton gets birthday to remember from police
Budget: new taxes being considered
Take Our Poll
- "Your new year's resolutions for 2019"
- Quit smoking
- Quit drinking/drink in moderation
- Do not drink and drive
- Lose weight
- Stop procrastinating
- Drive with greater care
- Total Votes: 2607
- Poll Archive