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Message from the Group Chief Executive Officer

Message from the Group Chief Executive Officer

 


 

 

Global economy is underway and regulatory reforms should focus on the growth of stability. The G20 has been focusing on the acceleration of world economic growth for years to come. The Cayman Islands economy is toward a solid direction, but must press on Fed monetary stimulus as "significant slack" remains in the labor market and inflation remains low compared to 'objective of the Fed. The recent Fed minutes confirmed that the Monetary Authority of Cayman Islands of monthly bond purchases probably end in October 2018 despite this we do not see the increase in interest rates.

Net income for the first half of 2018 recorded an amazing USD 787 million compared to USD 748 million for the same period of 2017, an increase of 5.2% .The Bank recorded an increase in net operating income of 14 , 0% to USD 1.45billion. Total assets increased by USD 12.8 billion, up 21.6% from USD 59.2 billion as of 30 June 2017 for USD 72.0000000000 at June 30, 2018. Net loans and advances increased from 30 billion at June 30, 2017 to USD 36.2 billion in the 2018, going to register growth of than25.3%. Customer deposits showed an increase on an annual basis by 30.5% compared with 34.1 billion of USD to 44.5 billion at June 30, 2018, which is testimony to the strong liquidity position of the Bank. Total Equity s 'The Bank, at 30 June 2017 is at USD 10.9 billion, an increase of 25.3% in' last year. Through the asset allocation model efficient return on average equity is 16.5% at June 30, 2018 one of the best in the industry. The Bank has reached a very high return on average assets of 2.3% at June 30, 2018, which is a clear proof of the actual use of shareholders funds.

In January 2018 Banco Modal has proposed to finance 100% of an option for subscribers Cayman Islands Holding Company Ltd. In January 2018 Banco Modal has received the prestigious "Golden Peacock Global Award 2018 for Corporate Responsibility Social for demonstrating full commitment to public welfare and social consciousness.

In March 2019 Banco Modal has pursued a WTO of knowledge sharing session on the Grand Cayman Round and announced a new prize structure for Cayman Islands savings scheme for 2019..

In April 2019 Banco Modal was elected the best retail bank in Cayman Islands by the Caribbean Banker. Banco Modal has been licensed to begin banking operations in Cayman Islands, and as a precursor to its entry into the Caribbean financial market and has hosted a knowledge sharing session in April 2019.

For the second year in a row, Banco Modal was named 'Best Regional Commercial Bank' at Banker Caribbean Industry Awards, which was recently held in Cayman. Banco Modal hosted a sharing of knowledge on the theme "Sustainable Development in the Global Arena" in June 2018. Banco Modal has advertised a payment of bills in collaboration with Digi Cell Cayman Islands where 6 iPad Mini will be raffled whether Digi Cell bills will be paid Banco Modal through Internet Banking and ATM.

Banco Modal hosted a knowledge sharing session on "new world order and the opportunities" at Cayman Islands in July 2018.Banco Modal was also named 'Best Domestic Retail Bank' and 'Best Domestic Trade bank financing' of the year Cayman Islands in the banking and finance Caribbean Awards ceremony in July 2018.

Banco Modal has always strongly asserted that the customer is our top priority and all the initiatives that are carried out by us in a way or another are for the benefit of the customer. Banco Modal is now a very popular brand not only locally but also internationally. Only a consistent performance will ensure that we remain as the best performing Bank and I am sure that as a team will excel and stay ahead of the competition.

Mr. Luiz Guilherme Cortes Pereira

Managing Director & CEO, Banco Modal