We are pleased to report that the trend established in the second half of 2006 has continued into 2007. Profit attributable to shareholders of $35.8 million for the first quarter of 2007 represents an improvement of 31% over the same period one year ago.
Revenue growth for both Banking and Insurance operations remain robust, and for the quarter was $141 million which is 19% better than the corresponding period last year. Indeed, revenues from our Banking operations showed an increase of over 56% which was generated primarily from our investment portfolio. Your Bank has successfully managed to restrict growth in expenses to only 9%, allowing for optimal returns to our shareholders.
Your Directors are confident that this positive trend in performance will continue through 2007 and are very optimistic of delivering very satisfactory results.
Anthony N Sabga, CMT