PCFS ups 2010 profits 3% on higher interest margins, fee and commission income

- Wednesday, March 2, 2011

PCFS ups 2010 profits 3% on higher interest margins, fee and commission income

Jamaica-based PAN Caribbean Financial Services' (PCFS) net profit climbed 3% last year to J$1.52bn (US$17.7mn) on higher interest margins, and fee and commission income, the firm said in an earnings release.

PCFS posted J$2.75bn in net interest income, increasing 4.8% over 2009, and J$406mn in fees and commission income, up 20.8%.

Foreign exchange trading and translation losses totaling J$23.5mn in 2010 reversed a J$295mn gain in 2009, while equities trading gains of J$31.6mn reversed a loss of J$10.9mn.

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PCFS offers a range of banking products and services and is part of financial services group Sagicor Financial Corporation.