Sagicor Bank reports growth

Barbados’ newest commercial bank is reporting growth in clients, deposits and loans more than two years after starting operations.

Sagicor Bank (Barbados) Limited chief executive officer George Thomas, and executive chairman Rik Parkhill outline this in recently published 2024 summary financial statements.

The financial institution started doing business with the public on March 9, 2023.

“Our second year of operations provided our first full calendar year from which to measure our operating results. At the end of 2024, Sagicor Bank had accumulated a retail client base of over 23 000 individuals and expanded our corporate client portfolio, resulting in our total deposit portfolio reaching $159 million, a growth of 100 per cent,” the two officials reported.

“The robust new client and deposit growth drove loan book expansion to $51.7 million from $7.9 million in 2023, with less than one per cent non-performing. The loan book expansion was driven by significant demand for Sagicor Bank mortgage and vehicular loan products.”

Thomas and Parkhill noted that “during 2024, Sagicor Bank (Barbados) Limited has sustained its growth with a consistent average monthly uptake of 1 000 new clients”.

“This continues to be a positive trend as it underscores the frictionless experience we offer our clients to sign up and transact banking business,” they said.

Focus bearing fruit

“Additionally, our client experience ratings continue to be above the industry standard, indicating that our focus on a complete experience is bearing fruit. We are always on and ready to serve clients,

with real time processing of transactions and no end of day processing delays.”

The CEO and chairman said overall that the bank “continues its journey of transforming, modernising and democratising banking Barbados. We provide both retail and corporate clients with affordable, comprehensive, cutting edge, accessible banking service”.

“Sagicor Bank is also a wholly owned subsidiary of Sagicor Financial Company Ltd and thus we leverage the support and over 180 years of financial services experience of our parent,” they stated.

“Since commencing public operations on 9th March 2023, we have maintained strong capital and deposit levels which enable us to expand our loan portfolio. We continue to support our clients’ property ownership aspirations, by offering rapid turnaround of lending decisions and low fees.”

The financial statement also said that “when compared to neobanks across the globe, our client base in terms of the percentage of the population served is consistently at levels higher than the benchmark neobanks”.

“Additionally, we have a steadily growing corporate and international business banking client base, and throughout the course of 2025 will introduce innovative products and services focused on this segment,” said Thomas and Parkhill. (SC)

The post Sagicor Bank reports growth appeared first on nationnews.com.