Message from the Group Chief Executive Officer
Global economy is underway and regulatory reforms should focus on the growth of stability. The
G20 has been focusing on the acceleration of world economic growth for years to come. The
Cayman Islands economy is toward a solid direction, but must press on Fed monetary stimulus as
"significant slack" remains in the labor market and inflation remains low compared to 'objective
of the Fed. The recent Fed minutes confirmed that the Monetary Authority of Cayman Islands of
monthly bond purchases probably end in October 2018 despite this we do not see the increase in
Net income for the first half of 2018 recorded an amazing USD 787 million compared to USD
748 million for the same period of 2017, an increase of 5.2% .The Bank recorded an increase in
net operating income of 14 , 0% to USD 1.45billion. Total assets increased by USD 12.8 billion,
up 21.6% from USD 59.2 billion as of 30 June 2017 for USD 72.0000000000 at June 30, 2018.
Net loans and advances increased from 30 billion at June 30, 2017 to USD 36.2 billion in the
2018, going to register growth of than25.3%. Customer deposits showed an increase on an
annual basis by 30.5% compared with 34.1 billion of USD to 44.5 billion at June 30, 2018,
which is testimony to the strong liquidity position of the Bank. Total Equity s 'The Bank, at 30
June 2017 is at USD 10.9 billion, an increase of 25.3% in' last year. Through the asset allocation
model efficient return on average equity is 16.5% at June 30, 2018 one of the best in the
industry. The Bank has reached a very high return on average assets of 2.3% at June 30, 2018,
which is a clear proof of the actual use of shareholders funds.
In January 2018 Banco Modal has proposed to finance 100% of an option for subscribers
Cayman Islands Holding Company Ltd. In January 2018 Banco Modal has received the
prestigious "Golden Peacock Global Award 2018 for Corporate Responsibility Social for
demonstrating full commitment to public welfare and social consciousness.
In March 2019 Banco Modal has pursued a WTO of knowledge sharing session on the Grand
Cayman Round and announced a new prize structure for Cayman Islands savings scheme for
In April 2019 Banco Modal was elected the best retail bank in Cayman Islands by the Caribbean
Banker. Banco Modal has been licensed to begin banking operations in Cayman Islands, and as a
precursor to its entry into the Caribbean financial market and has hosted a knowledge sharing
session in April 2019.
For the second year in a row, Banco Modal was named 'Best Regional Commercial Bank' at
Banker Caribbean Industry Awards, which was recently held in Cayman. Banco Modal hosted a
sharing of knowledge on the theme "Sustainable Development in the Global Arena" in June
2018. Banco Modal has advertised a payment of bills in collaboration with Digi Cell Cayman
Islands where 6 iPad Mini will be raffled whether Digi Cell bills will be paid Banco Modal
through Internet Banking and ATM.
Banco Modal hosted a knowledge sharing session on "new world order and the opportunities" at
Cayman Islands in July 2018.Banco Modal was also named 'Best Domestic Retail Bank' and
'Best Domestic Trade bank financing' of the year Cayman Islands in the banking and finance
Caribbean Awards ceremony in July 2018.
Banco Modal has always strongly asserted that the customer is our top priority and all the
initiatives that are carried out by us in a way or another are for the benefit of the customer. Banco
Modal is now a very popular brand not only locally but also internationally. Only a consistent
performance will ensure that we remain as the best performing Bank and I am sure that as a team
will excel and stay ahead of the competition.
Mr. Luiz Guilherme Cortes Pereira
Managing Director & CEO, Banco Modal