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Capita shows first quarter profit


Natasha Beckles

Capita shows first quarter profit

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Capita Financial Services Inc., formerly CLICO Mortgage & Finance Corporation (CMFC), recorded $237 759 in profit for the first quarter of this year.
According to recently published excerpts from audited financial statements for the three month period ended March 31, 2011, this falls far short of the $763 226 net income for the year ended December 31, 2010.
In addition, total comprehensive income stood at $253 659 for the period under consideration compared to $758 511 at the end of last year.
Net interest and other income reached $1.31 million, unlike the $5.57 million for the year ended December 31, 2010.
At the end of March, the wholly owned subsidiary of Barbados Public Workers’ Co-operative Credit Union Limited recorded total operating expenses of $1.06 million.
For 2010, these expenses totalled $4.58 million.
Interest income for the three-month period amounted to $2.26 million compared to 9.79 million for the previous year and interest expense totalled $1.20 million compared to $5.08 million.
Capita’s statement of financial position signed by directors Carlos Holder and Andrew Brathwaite showed the company had total assets of $121.44 million at the end of the quarter, bettering $120.42 million as at December 31.
Total liabilities stood at $109.62 million up from $108.85 million while customer deposits rose from $78.28 million as at December 31 to $82.21 million at the end of March.
Barbados Public Workers’ Co-operative Credit Union Limited acquired the non-bank financial institution in August 2010 following the collapse of CL Financial group.

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