Delivering Results

Please assist in formulating the answer

Description: Effectiveness in this area means focusing on delivering timely performance with energy and taking responsibility and accountability for quality outcomes. For all staff, it's about working to agreed goals and activities and dealing with challenges in a responsive and constructive way. At senior levels, it is about building a performance culture to deliver outcomes with a firm focus on prioritisation and addressing performance issues resolutely, fairly and promptly. It is also about leaders providing the focus and energy to drive activities forward through others and encourage staff to perform effectively during challenging and changing times.

Question: Provide the most important financial KPI for your function this financial period. What is your year to date performance? Describe the important activities in achieving this outcome.

The Key Performance Indicator driving the financial strategic prosperity covers a three-year period 2018-2020 as follows:

1. Improving asset quality- reducing the overall NPL to regulatory benchmark of 5% starting from 2018 baseline of 6.25% to 6.15% at October 31, 2019.

While there was an improvement the in NPL ratio, it is still outside the targeted range.

The main initiatives are set at a policy level to disposal of distress properties (1) to the Eastern Caribbean Asset Management Company and (2) improve the quality of underwriting at origination.

I had the opportunity to meet, discuss and assist in assessing the proposal in relation to the sale of assets identified. This transaction is expected to close by the end of 2019.

Critical to stemming further deterioration in asset quality I collaborated with the recoveries unit and worked with watched list customers on workable solutions in the interest of both parties.

1. Enhancing revenue growth - target growth of $0.875 million
2. YTD achieved $0.789 million
3. Budgeted $0.730 million

In contributing to this policy decision to increase fees mainly on the usage of card transactions and savings service fees I was able to identify leakages in the collection process whereby there was no mechanism in place to collect savings service fees on availability of funds. At October 31, 2019, service provider Jack Henry successfully implemented a system.

1. Cost containment- rationalization exercise to identity opportunities for savings in key areas as measured by operating cost/ non-interest income baseline of 98.12%, YTD 95.81%, 2019 target 95.73%.

This area is very challenging due to huge investment to support strategic initiatives deemed necessary to create future synergies. Notwithstanding, several options were explored relevant to reducing energy cost (solar energy) and I continuously encourage staff to conserve resources and wastage in the area of procurement, telephone and other controllable cost.

1. Optimised funding structure - reduce cost of funds by exploring the option of paying down subordinated debts and deploying excess liquidity
3. Cost of funds-2018 baseline 1.95%, YTD 1.75% , 2019 target 1.92%
4. Investment placement - 2019 target $26.2M YTD $13.5M
6. While 50% of the investment target was meet, I was able to assist in negotiating with the main corresponding banks to pay comparable fixed deposit rates on operating accounts earning approximately US$0.030M monthly.I have also contributed towards policy decisions to reduce rates on two major deposit portfolio (golden year accounts and customer's securities accounts)

Delivering Results

Description: Effectiveness in this area means focusing on delivering timely performance with energy and taking responsibility and accountability for quality outcomes. For all staff, it's about working to agreed goals and activities and dealing with challenges in a responsive and constructive way. At senior levels, it is about building a performance culture to deliver outcomes with a firm focus on prioritisation and addressing performance issues resolutely, fairly and promptly. It is also about leaders providing the focus and energy to drive activities forward through others and encourage staff to perform effectively during challenging and changing times.

Question: Provide the most important financial KPI for your function this financial period. What is your year to date performance? Describe the important activities in achieving this outcome.

The Key Performance Indicator driving the financial strategic prosperity covers a three-year period 2018-2020 as follows:

1. Improving asset quality- reducing the overall NPL to regulatory benchmark of 5% starting from 2018 baseline of 6.25% to 6.15% at October 31, 2019.

While there was an improvement the in NPL ratio, it is still outside the targeted range.

The main initiatives are set at a policy level to disposal of distress properties (1) to the Eastern Caribbean Asset Management Company and (2) improve the quality of underwriting at origination.

I had the opportunity to meet, discuss and assist in assessing the proposal in relation to the sale of assets identified. This transaction is expected to close by the end of 2019.

Critical to stemming further deterioration in asset quality I collaborated with the recoveries unit and worked with watched list customers on workable solutions in the interest of both parties.

1. Enhancing revenue growth - target growth of $0.875 million
2. YTD achieved $0.789 million
3. Budgeted $0.730 million

In contributing to this policy decision to increase fees mainly on the usage of card transactions and savings service fees I was able to identify leakages in the collection process whereby there was no mechanism in place to collect savings service fees on availability of funds. At October 31, 2019, service provider Jack Henry successfully implemented a system.

1. Cost containment- rationalization exercise to identity opportunities for savings in key areas as measured by operating cost/ non-interest income baseline of 98.12%, YTD 95.81%, 2019 target 95.73%.

This area is very challenging due to huge investment to support strategic initiatives deemed necessary to create future synergies. Notwithstanding, several options were explored relevant to reducing energy cost (solar energy) and I continuously encourage staff to conserve resources and wastage in the area of procurement, telephone and other controllable cost.

1. Optimised funding structure - reduce cost of funds by exploring the option of paying down subordinated debts and deploying excess liquidity
3. Cost of funds-2018 baseline 1.95%, YTD 1.75% , 2019 target 1.92%
4. Investment placement - 2019 target $26.2M YTD $13.5M
6. While 50% of the investment target was meet, I was able to assist in negotiating with the main corresponding banks to pay comparable fixed deposit rates on operating accounts earning approximately US$0.030M monthly.I have also contributed towards policy decisions to reduce rates on two major deposit portfolio (golden year accounts and customer's securities accounts)