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The net worth of the National Export-Import (EX-IM) Bank of Jamaica increased by $81.15 million to $1.448 billion at March 31, 2005, compared to $1.367 billion at the end of 2004.
According to a Ministry Paper, tabled in the House of Representatives recently by Finance Minister, Dr. Omar Davies, the increase was due to profits generated and the Bank’s retention policy, which resulted in a marginal improvement in the entity’s solvency ratio, a positive indicator of its ability to cover its liabilities, if necessary.
In the meantime, the bank’s total assets stood at $2.935 billion as at March 2005, representing a marginal growth of $110.46 million or 3.9 per cent over the 2003/04 period. According to the data, this was reflected primarily in an increase in cash and short-term deposits, which moved from $294.66 million to $437.33 million at March 31, 2005.
A profit margin of 28.5 per cent for the 2004/05 year was also recorded, indicating a minimal movement from the 28.2 per cent reported for the previous period.
According to the Ministry Paper, the Bank’s overall performance during the 2004/05 period was satisfactory, based on the financial and operational indicators reported during the review period, which showed actual improvements in the asset base and net worth of the entity over the period.
The Minister Paper noted that the Bank continued to be pro-active and innovative in the development of products and services to meet the needs of the country’s productive sector. The tourism and bauxite sectors were identified as areas with tremendous potential for growth and investment, and the formulation of specific loan programmes were currently underway.