JUNE 21ST, 2019 – JUNE 28TH, 2019
Website: www.suntci.com
VOLUME 15 - NO. 24
Email: sun@suntci.com
Tel: (649) 348-6838
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$1.3BILLION
DEPOSITED IN BANKS by Hayden Boyce Publisher & Editor-in-Chief
T
he seven domestic banks in the Turks and Caicos Islands are holding a staggering US$1.3 billion in deposits, of which $276million belong to resident private individuals, $511million is owned by resident private business firms and $151million by the Turks and Caicos Islands Government. Official documents and audited financial statements obtained by The SUN showed that nonresident private business firms hold $159million in deposits with the banks, while non-resident private individuals hold $86million, statutory bodies $70million, National Insurance Board $25million and non-resident non-profit organisations, $22million. Of the $1.3billion in deposits, $1.2billion is in domestic currency and $76million is in foreign currency. Analysts say that given the Turks and Caicos Islands’ approximately 33,000 residents, these figures indicate the country is one of the wealthiest in the Caribbean, per capita, and that the domestic banks here are among the most profitable in the region. The figures also show that these banks own assets totaling $2.1 billon and that there are $46million in non-performing loans, $102million in past due loans and $23million in cash and cheques in the course of collections. The banks combined have $533million in borrowings. The domestic banks in Turks and Caicos Islands that report to the Financial Services Commission (FSC) are: Scotiabank (Turks & Caicos) Limited, CIBC First Caribbean International Bank (Bahamas) Ltd, RBC Royal Bank (Bahamas) Limited, Hemisphere Bank Inc., Ltd., Bordier Bank (TCI) Ltd., British Caribbean Bank Limited, Turks and Caicos Banking Company Limited. In terms of credit by sector, there was not one dollar for agriculture, but he banks lent $216,000 for fisheries, $876,000 for manufacturing, $57million for public utilities, $107million for construction and land development, $$30million for distributive trade, $69million for tourism, $1.6million for entertainment and catering, $38millon for transport and storage, $82million for professional and other services,
Bryana Brown Signs with Tennessee Tech University
British West Indies Collegiate’s senior Bryana Brown will be joining the Tennessee Tech Golden Eagles in the Ohio Valley Conference, NCAAA Division 1, this coming fall. On Wednesday June 19th, Bryana officially signed over to Tennessee Tech during a signing event
$17million for government services and public administration. The banks also lent $07million for home construction and renovations, $294million for the purchase of houses, condominiums and land, $4.8million for vehicles and $8million for “other personal”. Meantime, the three main commercial banks, Scotiabank, FirstCaribbean International Bank and Royal Bank of Canada, have been performing exceptionally well, according to their audited statements. FCIB’s audited special purpose financial statements for the year ending October 2017 (the latest available), showed that the bank’s net income for that year was $10.6million. The audit which was done by Ernst &Young, in Nassau, The Bahamas, also revealed that FCIB has $5.2million in cash, which is money circulating in the local system, while it has $661million due from other banks, which is basically
held at Brayton Hall while accompanied by her parents, coach, various sports officials, sponsors, teachers and student body. Pictured is Bryana Brown, Director of Sports, Mr. Jarrett Forbes, Mr. Robert Hall, PE Teacher and Track and Field Coach for the BWIC, Managing Director of
money that is held in short-term or medium-term investments in banks outside of Turks and Caicos Islands because those funds can’t be absorbed here. FCIB’s loans and advances to customers stood at $274million, while customer deposits were $717million, customer deposits $717million, other liabilities $138million, net income from interest was $20.5million and property and equipment $5.5million. Some $11million is due to banks by FCIB. Scotiabank’s financial statements for the year ending October 31st, 2018, and which are done slightly different from FCIB’s, showed that it made a net profit of $12.4million, down slightly from the $12.9million it made the previous year. Scotiabank, which was audited by KPMG in Providenciales, Turks and Caicos Islands, reported $54million in cash and cash equivalents, short term investments of $350million, $366million
Provo Water Company and proud sponsor of Inter High Track and Field Championships, Mr. Tom Chapman, Mr. Bryan Brown and Mrs. Erica Gowie, Senior Sports Development Officers, Ms. Judith Robinson and Mr. Alvin Parker and President of the Turks and Caicos Amateur Athletic Association, Ms. Edith Skippings.
in loans to customers, $6million in other assets and $2.2million in property and equipment. Scotiabank’s deposits from customers stood at $387million for the reporting period and “loans from a related party” amounted to $275million. Some $14.2million was made from fees and commission income. RBC Royal Bank(Bahamas) Limited - Turks and Caicos Islands branch , which was audited by PriceWaterhouseCoopers (PWC) in Nassau, The Bahamas, reported a net income of $3.1million for the period ending October 31st, 2017, which was the same as the corresponding period the previous year. RBC’s cash and cash equivalents was $25million, loans and advances were $118million, customer deposits $84million and $35million was due to affiliated companies. That bank has $15million in assigned capital and it earned $6.4million in interest income.
Hurricane Preparedness
Place your generator outdoors in a well-ventilated area away from windows or doors to avoid inhaling lethal carbon monoxide fumes. Further information and hurricane safety tips are available on our website: www.fortistci.com/hurricane-preparedness-tips
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