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Assets up for Fidelity Bank and Trust

Total assets for Fidelity Bank and Trust International Limited rose by over $5 million as of December 31, 2010, despite investment in joint ventures dropping 41.9 percent during that time.

Assets increased to $450.5 million from $445 million from the corresponding period in 2009, representing a 1.2 increase year-on-year, according to the bank’s latest financial report. But investments in joint ventures were down, falling from $6.8 million in 2009 to $3.9 million in 2010. The majority of the change in that segment came from one of the investment groups called RFMBT, with its activity dropping 42.6 percent from $6.6 million in 2009 to $3.8 million in 2010.

Other areas of Fidelity Bank and Trust’s operations experienced changes during that period including segments in the assets and liabilities department. Cash on hand at banks rose 4.9 percent from $48 million in 2009 to $50.4 million the corresponding period in 2010. Loans and advances to customers grew two percent from $326.9 million to $333.8 million year-on-year, investment securities increased by $1 million to $29.1 million, and investment properties and goodwill remained the same at $9.2 million and $1.4 million, respectively.

Deposits from customers also increased during the period ended December 31, 2010, rising 4.2 percent from $350.6 million to $365.4 million year-on-year.  Debt securities slightly rose from $24.8 million to $24.9 million, accrued expenses and other liabilities grew 29 percent from $8.3 million to $10.7 million, but the biggest change came in the loans from banks segments which dropped 77.7 percent from $6.7 million to $1.5 million year-on-year.

Total equity for Fidelity Bank and Trust declined 11.9 percent from $54.3 million to $47.8 million, and total liabilities and equity were recorded at $450.5 million for the period.

Fidelity Bank and Trust International is licensed under the Banks and Trust Companies Act of 2000 to carry out banking and trust business in The Bahamas, under the condition that it doesn’t conduct any banking and trust business without prior approval of the Central Bank. It serves as a holding company for subsidiaries and joint ventures and provides those services via management services.

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