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CIBC West Indies Holdings Limited
The Directors have recommended a final dividend
of Bds6 cents per share. Together with the Bds5 cents interim dividend,
this gives a total dividend for 2001 of Bds11 cents per share,
in 2000 the comparable dividend was Bds9 cents
The Company
The Company was incorporated in 1993, and is a subsidiary of the Canadian
Imperial Bank of Commerce, located in Canada. The principal business
of the Company and its subsidiaries is the provision of bank and bank
related services.
The Group operates through four major subsidiaries which include, CIBC
Caribbean Ltd which conducts business in Barbados, St.Vincent and the
Grenadines, St Lucia, and Antigua and Barbuda. CIBC Jamaica Ltd., CIBC
Bahamas Ltd; and CIBC (WI) Offshore Banking Corporation which was established
in 1996 to provide a broad range of financial services to offshore sector
in Barbados. In 1999, the Group acquired the retail banking operations
of CIBC in the Cayman Islands, through the purchase of 51% interest in
CIBC Bank and Trust Company (Cayman) Ltd.
The major shareholders in the Company are CIBC (Cayman) Limited 68.02%
and Republic Bank Limited 14.4%.
Update – Second quarter
ended March 31, 2002.
Net interest income declined by 1.1 per cent for CIBC (WI) Holdings
(CIBC) in the first half ended March 31, 2002. In 2002 this amount was
Bds$137.6 million compared to Bds$139.2 million posted in the same period
in 2001. Total income experienced an overall decrease of 4.0 per cent
in 2002 to $Bds$195.8 million; in the corresponding period in 2001 this
figure was Bds$203.9 million.
Income before tax and minority interests was 12.1 per cent lower at
Bds$70.0 million in 2002 as opposed to Bds$79.6 million made in the same
half in 2001. Net income declined by 10.6 per cent in the first six months
of fiscal 2002 for CIBC. Net income was Bds$54.8 in 2002 compared to
Bds$61.3 million in 2001.
The Board of Directors has resolved to pay an interim dividend of Bds5
cents per share the same as in 2001. The dividend will be paid on July
12, 2002 to registered members as at June 17, 2002. We are projecting
a full-year EPS of TT70 cents with a total dividend payout of TT35 cents.
For more information: Download fcib.pdf
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Republic Bank Limited
At the present market price of $66.75 the share
is trading at a price earnings (P/E) ratio of 18.2 and a dividend
yield of 2.7 per cent. Given these impressive results and the continued
strong demand for the share on the floor of the exchange we believe
that there is still more room for capital appreciation. We expect
continued growth in profits following the acquisitions in the Dominican
Republic and Barbados.
The Company
Established in 1837 as Colonial Bank, the Bank and its subsidiaries
are engaged in a complete range of banking, credit card, trustee services
and off-shore banking. These subsidiaries which are located in Trinidad
and other parts of the Caribbean include, London Street Project Company
which is involved in property development. Wholly owned subsidiaries
include Republic Bank T&T (Cayman) Ltd. and Republic Bank T & T
(Barbados) Limited, both offering off-shore banking services, Republic
Finance and Merchant Bank Ltd. (FINCOR), and Republic Securities Ltd.
In 1997 the Company acquired the National Bank of Industry and Commerce
Ltd. ( Guyana) 51% and 100% of the Bank of Commerce T&T Ltd. whose
assets were transferred to Republic Bank Ltd.
The major shareholders are Trintrust – 18.77%, CLICO – 17.96%,
CLICO Investment Bank – 11.58%, Roytrin Securities – 9.65%
and CIBC WI Holdings – 8.82%.
Update– Results for the year ended September
30, 2003.
The Group surpassed our earnings estimate with the release
of impressive financial results for the year ended September 30, 2003.
Profit attributable to shareholders increased by 31.26 per cent from
$444.698 million in 2002 to $583.714 million in 2003. Included in this
profit was an exceptional item of $48.3 million arising from a special
dividend from CIBC ( West Indies) Holdings Limited paid prior to the
formation of First Caribbean International Bank.
Profit before taxation improved by 31.96 per cent from $517.809 million
in 2002 to $683.284 million in 2003. Profit after taxation increased
by 32.94 per cent to $608.803 million in 2003 from $457.952 million in
2002. The Group's earnings per share increased to $3.67 in 2003 from
$2.80 in 2002 an improvement of 31.07 per cent.
This impressive financial performance was made against the backdrop
of a number of significant accomplishments and acquisitions by the Group
over the financial year. These include:
- the completion of the state of the art Operations Centre at Endeavour.
- introduction of a new computer system
- acquisition of 57 per cent of Barbados National Bank Inc.
The Group’s total assets increased by 33.94 per cent to $25.806
billion in 2003 from $19.267 billion in 2002. Return on assets improved
by 0.16 per cent to 2.59 percent and return on average equity increased
to 18.41 per cent in 2003 from 17.09 per cent in 2002.
The Board of Directors has declared a final dividend of 95 cent per
share plus a special dividend of 30 cents per share, bringing the total
dividend to be paid out to shareholders for the financial year end to
$1.80 in 2003 compared to $1.25 in 2002. This represents an increase
of 44 per cent.
Looking ahead, the Chairman was very optimistic about the coming year
for the Group largely because of the opportunities that the future promises
in the energy sector as well as the benefits to be derived from the new
markets which the Group is accessing in the other Caribbean territories.
For more information: Download rbl.pdf
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RBTT Financial Holdings Limited
In a subsequent event, RBTT Financial Holdings
now owns a 15.7 per cent shareholding of Guardian Holdings Limited
(GHL). This is the result of a decision taken to upstream the Group’s
investment from the insurance to the Group level. The Chairman
expects the Group’s ‘strong earnings momentum’ to
be maintained in the next half. Therefore based on this sentiment,
we are revising our full-year EPS projection upward to $2.30 per
share. At the current price of $32.75, the PE of 14.2 is still
attractive, and we recommend this share for all investors.
The Company
The Group was incorporated in 1998, when as part of a corporate
restructuring exercise the Holdings Company acquired all the issued
shares of the Royal Bank of Trinidad and Tobago (est. in 1910 as Royal
Bank of Canada) through a one for one exchange of shares. The Group,
through its subsidiaries and its associated companies, offers a complete
range of banking and financial intermediation services to customers in
Trinidad and Tobago and the Caribbean Basin.
Over the period 1998-1999,
the Group grew rapidly as a number of new subsidiaries were acquired
during this period. These acquisitions included the purchase of 71%
of West Indies Stockbrokers Limited (WISE), in 1998. Additionally in
1998 the Group acquired 100% of First National Bank of Aruba and also
purchased an additional 10% of Grenada Bank of Commerce in 1998. Through
its subsidiary Antilles Banking Corporation (St. Maarten) the Group successfully
acquired the St Maarten Branch of Chase Manhattan Bank.
The major shareholders
are National Insurance Board 10%, Guardian Life of the Caribbean
Limited 20.00% and Roytrin Securities Limited 6.53%.
For more information: Download rbtt.pdf
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Scotiabank Trinidad and Tobago Limited
Earnings per share for the three completed quarters
in 2003 was $1.23, compared with the $1.11 recorded in the same
period in 2002. The Managing Director referred to ‘focused
treasury management’ as the main driver of SBTT’s continued
profitability. The current excess liquidity is forecast to exert
downward pressure on interest rates. This will no doubt challenge
management to seek out the best opportunities for their excess
funds.
The Company
Incorporated in 1970, the bank began operations in 1954
and remains one of the leading financial institutions in the country.
Formally known as The Bank of Nova Scotia, the Bank and its subsidiary
company offer a complete range of banking and financial services.
Through
its affiliation with The Bank of Nova Scotia Canada, the Bank, through
its many branches in the Caribbean, Europe and Latin and South America,
provides customers with access to a global network. It provides a
full range of commercial and retail services as well as trust and merchant
banking services through its subsidiary, Scotiatrust Trinidad and
Tobago Limited.
The major shareholders are The Bank of Nova Scotia 47.27%,
Royal Bank Trust Company Limited 7.52%, Republic Bank Limited 5.35%,
T&T
Unit Trust 5.53% and The National Insurance Board 5.34%.
For more information: Download sbtt.pdf
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