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Modest profit rise for Signia

GERALYN EDWARD, [email protected]

Modest profit rise for Signia

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SIGNIA FINANCIAL GROUP says despite challenges in the Barbados economy it still recorded increased profitability.

In its just released year-end financial statements, the non-bank financial institution reported  comprehensive after-tax profits of $3.67 million as at December 31, 2016, an improvement on the $3.66 million recorded for the same period in 2015.

Signia, which was formed in 2003 as a joint venture by Cave Shepherd & Company, Massy United Insurance and GraceKennedy and Co. out of Jamaica, was able to grow its loan portfolios with individual loans increasing from $129.3 million to $144.6 million last year, while corporate loans increased from $40.4 million to $47.2 million.

“Over the last five years, delinquency has become a much greater concern for Barbados’ financial institutions, with market levels of non-performing loans recorded to be 9.6 per cent as at June 2016,” chairman Sir Geoffrey Cave and chief executive officer Paul Ashby said in the chairman/CEO’s report. (GE)

Please read the full story in today’s Sunday Sun, or in the eNATION edition.