Signia Financial Group Inc. reported another strong year with profits before tax of BBD. $1,073,287 for the year ended September 30, 2006. This represents an impressive 78% year over year increase in earnings. 

CEO, Anthony Shaw attributed the growth to the consistent execution of the strategic initiatives undertaken throughout the company and the personal and responsive service provided by the company’s staff. 

The company’s loan portfolio grew by 59% with net interest income increasing by 44% year over year. As in prior years the company was very successful in consumer lending and was also able to expand its loan portfolio to include corporate and commercial loans. 

The company’s chairman, Geoffrey Cave stated the success of the company’s performance was based on the products launched to-date.  

He said, “the Company’s Stock Brokerage division continues to do well, having successfully completed its role as the Broker in the recent take-over of Courts (Barbados) Ltd ”.  Signia was instrumental in assisting Cobalt Holdings Ltd in acquiring over 99% of the listed shares in Courts.  

Cave also stated that the local marketplace needed a company which provided investment advice”.  

Don Wehby, the Deputy CEO of GraceKennedy Limited, and a Director of Signia, said “the shareholders are very satisfied with the company’s performance”. He also said, “to position the company for further growth, the shareholders decided to increase the company’s capital base”.

This injection increased the capital base to BBD$9.2 million from $4 million. 

As at September 30, 2006 the company had a capital adequacy ratio of 17.1%, which is significantly above the minimum ratio of 8% specified by the regulators. 

Signia Financial is a Banking and Investment company jointly owned by Cave Shepherd and Company Ltd, GraceKennedy Limited and United Insurance Limited. They offer personal and commercial loans, leasing, term deposits, insurance premium financing and foreign exchange trading. The company’s stock brokerage division has recently successfully completed 2 take-over bids and is the leading brokerage house in Barbados. 

Year over Year highlights

• Net Income before tax up 78% to BBD$1,073,287

• Loans and advances increased by 59%

• 44% increase in Net Interest Income

• Share capital increased from $4 million to $9.2 million

• 125% increase in Shareholders equity 

For additional information on Signia Financial visit their website at www.signiafinancial.com. or call them at 246-434-2360.

Posted: February 05, 2007