Vice President's Message

Our Performance in 2013

2013 brought with it a number of new entrants to the banking sector, thus raising the competitive bar a few notches higher! It also brought with it a more challenging business environment as a result of the global economic slowdown that has hit both developed and developing countries alike.

Notwithstanding the potential increased risks to its shareholders, the Chairman and Board of Director's stood steadfast in their commitment to the customers of First Investment Specialised Bank and to new borrowers alike in supporting them during what has been a difficult year.

Net profit for the period to December 2013 increased by 22.21% when compared against audited end of year financials for 2012 and is a tremendous result given the operating climate. The higher than forecasted profits will stand the bank in good stead to take advantage of any upturn in 2014. Tighter cost control is also reflected

in increased operating margins and staff are to be thanked for their contribution in making this possible.

As a specialised bank, First Investment is not licensed by the National Bank to accept deposits. This has effectively placed it outside of the liquidity pressures felt by nearly all commercial banks and allowed it to take opportunities

denied to fully licensed banks. This has also played a role in surpassing anticipated budget revenues.

I would like to take this opportunity to thank the Board and Director's of the bank for their continued trust and confidence in both the management of the bank and its customers through the provision of their continued support in what has been our most challenging year since launch.

I wish you all the best for the forthcoming year.

Paul Freer

Vice President

December 2013