SigniaGlobe Financial says it has maintained stability and its profit levels despite a contracted economy over the last financial year ending December 31, 2021.
In its chairman and chief executive officer report that accompanied the recently published audited financial statement summary, it was explained that the “positive performance” resulted in a net income of $3.18 million.
The report, which was signed by chairman John Williams and CEO Paul Ashby stated: “The company has been able to maintain the size of its deposit and loan portfolios, both of which are in line with the prior year position. . . The company has also been able to maintain its capital adequacy ratio of over 16 per cent.”
According to Ashby and Williams, the level of stability was achieved despite the global pandemic, economic contraction triggered by reductions in tourist arrivals, and very high unemployment.
“Together these factors resulted in increased uncertainty, loan delinquency spikes and other credit risk adversities for all financial institutions in Barbados. “Through prudent credit risk management strategies, SigniaGlobe was able to navigate this crisis, albeit with a higher bad debt provision expense than in the prior year,” they outlined.
SigniaGlobe’s top executives said the finance institution’s response was to embrace the challenges, expand its several digital elements and service delivery mechanisms.
“A changing banking environment has also been the catalyst for the introduction of new products and services. During 2021, the company added custodial services to the existing suite of personal and commercial financial solutions. This business line is expected to produce increased diversity in the company revenue streams,” the chairman and CEO disclosed.
Regarding the outlook in the new financial year, Williams and Ashby said SigniaGlobe had a renewed focus, assuring stakeholders that as the world changes, the team was committed to “corporate reinvention”.
The financial institution received a clean audit report from its auditor PricewaterhouseCoopers. (IMC1)