During the same period, the bank recorded total income of $ 7.4 million as compared to $ 7million in the same period 2011 and net income for the three month period ended 30 September 2012 amounted to $0.03 million (Q3-2011: losses of $0.9 million).
Reflecting all round cost improvements, total expenses for the period were $5.3 million as compared to $ 5.8 million in the corresponding period of 2011 – representing a further 10% saving.
“We are very pleased with the exceptional results of the Bank and its capacity to consistently deliver an all-round performance despite the challenging global and regional economic uncertainties. This bears evidence to its viability, depth, diversity and scope of its business model and an ability to consistently deliver an improving performance despite its modest size and resources. With legacy debt repayment substantially repaid and now drawing to a close, we remain excited about the Institution’s promising future,” Wilson S. Benjamin, Chairman of the Bank said.
“The qualitative shift in earnings has demonstrated the dynamism and relative resilience of its business model and earning streams and, as a result, has geared the Bank withstand volatilities prevalent in present financial markets. The Bank’s outlook is promising, and if necessary conditions permitting, it could potentially carve itself as a niche regional financial services provider to be reckoned with,” Akbar Habib Chief Executive Officer and Executive Director of the Bank said.