Bahamas - FirstCaribbean International Bank

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FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITEDNotes to Consolidated Financial StatementsOctober 31, 2002(expressed in thousands of Bahamian dollars)4 Trading securitiesOctober 31,2002$December 31,2001$Government treasury bills 17,420 –Other debt securities 188,797 –5 Loans and advances206,217 –October 31,2002$December 31,2001$Mortgages 530,119 165,421Personal loans 260,623 94,035Business loans 755,343 273,928–1,546,085 533,384Less: provisions for impairmentspecific provisions for credit risk (22,806) (13,891)specific provisions for inherent risk (10,082) (5,328)1,513,197 514,165The average interest rate earned during the period on loans and advances was 8.5% (2001 – 8.8%).61
FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITEDNotes to Consolidated Financial StatementsOctober 31, 2002(expressed in thousands of Bahamian dollars)5 Loans and advances…continuedMovement in provisions for impairment are as follows:Specific creditrisk provision$Inherentriskprovision$Balance, January 1, 2001 (8,971) (5,474)Doubtful debts expense (7,767) –Recoveries of bad and doubtful debts 882 –Bad debts written off 1,965 146Balance, December 31, 2001 (13,891) (5,328)Doubtful debts expense (5,502) (700)Provisions from entity acquired (7,145) (5,811)Recoveries of bad and doubtful debts 2,320 –Bad debts written-off 1,412 1,757Balance, October 31, 2002 (22,806) (10,082)The aggregate amount of non-performing loans on which interest was not being accrued amounted to$90,820 as at October 31, 2002 (2001 – $26,031).6 Investment securitiesOctober 31,2002$December 31,2001$Originated debtIssued or guaranteed by Government 103,101 –Securities held to maturityDebt securities 48,672 50,623151,773 50,623The market values of these securities approximate cost.62
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ContentsOur Heritage 6Notice of Mee
Page 6 and 7:
FirstCaribbean International Bank
Page 8 and 9:
Our HeritageBarclays BankThrough th
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Notice of MeetingAnnual MeetingNoti
Page 13 and 14: Directors, Senior Management & Advi
Page 15 and 16: Directors’ ReportDIRECTORSIn acco
Page 17 and 18: Chairman’s ReviewIn late 2002, co
Page 19 and 20: Chairman’s Reviewpolicies. We are
Page 21 and 22: Group Chief Executive Officer’s R
Page 27 and 28: Country Manager’s ReportYear in R
Page 29 and 30: Country Manager’s ReportBank in 2
Page 31 and 32: Management’s Discussion and Analy
Page 33 and 34: Management’s Discussion and Analy
Page 35 and 36: 34Retail Banking
Page 37 and 38: 36Corporate Banking
Page 39 and 40: 38International Banking
Page 41 and 42: 40Capital Markets
Page 43 and 44: 42Marketing and Communications
Page 45 and 46: 44Human Resources
Page 48 and 49: FirstCaribbeanInternational Bank(Ba
Page 50 and 51: FIRSTCARIBBEAN INTERNATIONAL BANK (
Page 84 and 85: FirstCaribbean International Bank(B
Page 86 and 87: FirstCaribbean International Bank(B
Page 88: The undersigned....................
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Bahamas - FirstCaribbean International Bank

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