National Building Society of Cayman

Mission

We are a Caymanian financial institution delighting local and international customers with a range of superior savings, loans and other financial products and services.

Vision

NBSC is the financial institution of choice in Cayman. Our services are accessible globally anytime, anywhere. We are financially sound and a model of good corporate governance.

Executive Summary

The National Building Society of Cayman (NBSC) grew its asset base by 12 percent above the 2007/2008 financial year, with the Balance Sheet amounting to CI$26.37 Million at March 31, 2009. The company recorded profits of some CI$423,000, which represents a reduction of 58.5 percent over the previous year.

NBSC ended the year in a comparatively stronger financial position. Our savings fund increased by 41 percent to CI$19.75 Million; liquid assets grew by 261 percent to some CI$5 Million; fixed assets increased substantially to CI$1.9 Million, while liabilities to our parent society, JNBS, were significantly reduced from CI$4.75 Million to some
CI$483,000.

Mortgages valued at CI$5.73 Million were sold to JNBS in December 2008; and, thereafter, the NBSC adopted a strategy to build the Savings Fund and maintain greater liquidity. This approach was driven by a commitment to place less reliance on funding support from JNBS.

NBSC ended the year with a mortgage portfolio valued at CI$18.46 Million, which is 10.5 percent below the 2007/2008 year-end balance. Mortgages managed on behalf of JNBS increased from CI$24.8 Million to CI$25.6M. It should be noted that, although the Savings Fund increase by 41 percent, this was outstripped by Interest Expenses which grew by 58 percent. On the other hand, the mortgage portfolio decreased by 10.5 percent, and Loan Interest Income fell by 24 percent.

Fees earned from money transfers increased by 32 percent during the year, despite the economic challenges and adversity experienced by Jamaican work permit holders, who are our primary clients.This performance, in the context of an unchanged fee structure, is due to growth in the number of transactions and the consistent efforts of JNMT Agents. Remittances also contributed to foreign exchange gains, which augmented our income appreciably. Our commissioned income of CI$788,000 fell just short of the CI$794,000 earned in 2007/2008; and fees from the management of the mortgage portfolio owned by JNBS contributed significantly to this.

Operationally, customer service improved with the commissioning of the NBSC’s first ATM at our location. This has assisted in expanding our service offerings to customers and providing more touch points for interaction with the building society.

For more information contact:
National Building Society of Cayman
71 Eastern Avenue
Trinity Square, P.O. Box 504 G.T., Grand Cayman
Tel: (345) 945-2014
Fax:(345) 945-2015
email:nbs@candw.ky