Clem Labega Square Philipsburg, St. Maarten, Netherlands Antilles
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Clem Labega Square Philipsburg, St. Maarten, Netherlands Antilles Tel: (599) 542-2313 • Fax: (599) 542-4761 • www.wib-bank.net bined with a 21.81% growth in Customer Deposits. 2006 2005 Our Customer Deposits now stand at Naf.662,218,000 WIB @ HOME Message from against Naf. 543,639,000 of 2005 with a 12.44% increase Number of users 2,048 1,185 in Demand Deposits and a 34.57% growth of our Savings Number of transactions 4,310 911 Management and Time Deposits. WIBDIRECT GROUP Number of users 171 179 By improving our market share in the Business sector we Number of transactions 15,994 5,254 THE ECONOMY OF OUR ISLAND on the existing roads no have managed to increase our business volumes and trans- WIBDIRECT BUSINESS The island economy has recorded another booming year longer fit to handle the actions increasing our Commissions and Exchange Income Number of users 367 Not in service with lots of construction and new tourism business activity number of cars moving by 11.73% scoring an increase of our Total Income of Number of transactions 1,994 Not in service launched or planned for 2007. from one end to the 16.78% while our Total Expense grew by 14.42%. This high level of economic activity has certainly created a other on an island with tougher business environment along with strong competi- such high density and THE MARKET In 2006 we have successfully implemented the LUC system tion among the local businesses as new ventures are being concentration of build- The Bank met its objectives and exceeded its targets by (Loan Underwriting Center) which is a predictive credit established in the new commercial centers. ings along the main deepening our business relationship with existing and new scoring model increasing the productivity and efficiency Numerous private real estate operations mentioned in 2005 roads. customers while remaining involved in projects from which while adding proper assessment of the credit risk, the are being completed and new ones started in 2006 in the new opportunities were derived to promote our products approval, the processing and management of all commer- cial loans up to Naf 250,000. areas of Simpsonbay, Cupecoy, Dawn Beach, Oysterpond, At the same time the main business areas such as and services. Belair, and Colebay. Philipsburg and Simpsonbay require additional parking Very soon, we hope to introduce similar credit scoring sys- facilities in order to support continuing successful opera- tems for the Retail Banking departments. There has been a significant growth in commercial banking The new Princess Juliana Int. Airport was opened in tions of new and even of the existing businesses. activities, while we took on a more conservative but steady The active tourist business and WIB’s BankCard Services November 2006, the new Captain Hodge small pier, the sec- focus on our retail banking services such as consumer loans, ond phase of the Philipsburg waterfront promenade, the BUSINESS ACTIVITY IN 2006 providing the best merchant service, has recorded an mortgage loans and issuing of credit cards. renovation of the Back street, the round about on the A Quick scan of our Combined Business activity ( WIB and increase of 11.73% in credit card sales volumes processed Sucker Garden road, the creation of new parking zones WIB Int.) amounts X Naf 1000. Credit demand strengthened more than in 2005 and our by our POS system; although this good Dutch side result along the salt ponds, the new Telem Building, the new sales activity was geared towards making use of the new was somewhat affected by a continuing decrease of the cred- Government Administration Building, the buy back of 2006 2005 Change % business developments and opportunities thereby increas- it card sales volumes on the French side due to closure of shares of the harbor company with the approved financing TOTAL ASSETS 793,383 642,279 23.52% ing our position in the market while keeping our loan loss- many hotels and the bad perception of the high Euro value from WIB which in turn will see these funds returned to St TOTAL CUSTOMERS es at a low level. placing Dutch side businesses in an advantageous position. DEPOSITS 662,218 543,639 21.81% Maarten to be invested in Social economic projects; all TOTAL LOANS * 392,944 304,521 29.04% WIB EVENTS: these construction projects contribute to the economic The year 2006 has been another year with fierce competi- CAPITAL FUNDS 53,195 45,987 15.67% In early 2006, WIB conducted a Secret Shopper Survey boom that the island is currently experiencing. tion in a rapidly growing and continued dedication to our with the purpose of gauging the level of service provided. policy of good corporate and social responsibility with a * Loans net of reserves for possible loan losses One of the main elements that came out of this survey is The Westin Resort is now open bringing their new stream of strong involvement in the needs of our changing communi- visitors to our unique two countries island and we’re seeing the need for more alternative banking services and outlets OUR BANKING FACILITIES ty, has surely convinced the readers of the Daily Herald to time share making room for newly built deluxe Condos to relieve the congestion that occurs in the lobbies of the elect The Windward Islands Bank for the 3rd consecutive branches. being offered for sale at increasingly high prices. 2006 2005 year as “Best Bank of the year”. Throughout 2006, WIB improved its buildings and opera- BRANCHES 76 tions to keep up with developments throughout the Our economy remains highly dependent on tourism with a STAFF 210 203 We will be organizing more sales activities with our private Windward Islands such as: stable number of visitors arriving by air while we note a ATM’s 21 14 slight decrease in the arrivals of cruise passengers and cruise customers to promote our electronic banking services • Opening of a WIB representative office on Saba to pro- ships. WIB@Home, WIB Direct and WIB Direct Business which vide service in a more professional manner. The Bank Loans outstanding less specific allowance for loan losses at have shown good increases and are being well accepted by year end 2006 stood at Naf. 392,944,000 being 29.04% opened an office as well as an ATM in The Bottom. 2006 2005 our Business customers in particular for executing local as higher than previous year while Interest Earned on Loans With the increase of transactions and types of operations VISITORS ARRIVING BY AIR 467,804 467,861 well as international transfers. Salary account payments CRUISE PASSENGERS ARRIVALS 1,421,645 1,488,537 was Naf. 32,547,000 being an improvement of 12.32% over this office can be turned into an operational branch in supporting the use of our numerous ATM’s throughout the CRUISE CALLS 609 641 the previous year. the future. island were the principal cause for the high volumes record- • Opening of the new small airport branch with specific Our Net Interest Income showed an increase of 19.09% tak- ed in 2006. This rapid expansion of business activity coupled to an everyday service, including during the holidays to serve ing into consideration a decrease of interest rates due to increase of generated income has stimulated the sale of cars competition on the local credit market and stable high rates our commercial and private customers working in and during the last two years creating some serious stress points of interest served on the International Money markets com- around the new airport. Introduction of new style depos- THE WINDWARD ISLANDS BANK LTD. • ANNUAL REPORT 2006 • PAGE 1 THE WINDWARD ISLANDS BANK LTD. • ANNUAL REPORT 2006 • PAGE 2 itory services separating cash operations from the checks Youth events, Educational projects, Church activities, deposits, the latter now being handled as speedy deposits Cultural events, etc. Supervisory Board with direct access by the back office staff for further pro- A great number of the Bank’s employees are actively cessing. involved in the community or occupy a prominent function of Directors & Management Team • WIB Car show was again organized with great success to in Non-Profit organizations including Rotary, Rotaract, MANAGEMENT TEAM (L-R) allow clients and the automobile dealers a venue for on Lions, Toastmasters, Reach Out and Touch, Nature J. Bruce Mayers Asst. Managing Director the spot financing for car purchasing. Our commercial Foundation, Journey for Education, Foundation Upkeep Kelvin Bloyden services were also well promoted at the WIB booth of the Sports Facilities, Women’s Awareness Movement, Business Asst. Managing Director first St. Maarten Home Expo held at Maho Reef. & Professional Women Association, Church and School Jan J. Beaujon • The marine industry is an important contributor to the activities etc. Managing Director islands economy. WIB as a Partner in Progress became a Carl Snijder sponsor of the St. Maarten Heineken Regatta, The St. STAFF ACTIVITIES Asst. Managing Director Maarten Classic Regatta, The St. Maarten yearly Mega With a total staff of 210, WIB employees are playing an Yacht Boat Show as well as promoting sailing events of important role, not only in the Bank, but also throughout BOARD OF SUPERVISORY DIRECTORS traditional locally built sailing boats. the community. In Photo A Social Committee has been very active in organizing sev- • More awareness for WIB’s electronic banking services Back Row (L-R) was created with the launching of the new WIB@home eral family events, picnics, beach outings, games and com- Jan Beaujon Shaffie Wihby Internet service for Small Businesses. petitions, all to foster better relations with each other.