Savings deposits pass $1 trillion mark in Jamaica
Commercial banks in Jamaica now hold deposits of $1.07 trillion, Bank of Jamaica (BOJ) 2019 data reveal.
This is an increase from the $977 billion the year before.
The data was published by the Bank of Jamaica this April, based on unaudited submissions by the finance houses.
Nearly half the amount of savings is in a foreign currency. Deposits in foreign exchange accounts at the end of the year amounted to $409 billion.
The banks’ total liabilities, including deposits, were $1.44 trillion at year-end 2019. It is $237.46 billion less than assets.
All eight commercial banks grew assets to $1.65 trillion at year-end December 2019, up 14.5 per cent over 2018 when assets were $1.46 trillion in total.
The commercial banks supervised by the BOJ are the Bank of Nova Scotia (BNS), National Commercial Bank (NCB), JMMB Commercial Bank (JMMB Bank), Citibank (CBNA), Jamaica National Commercial Bank (JN Bank), First Caribbean International Bank (FCIB), First Global Bank (FGB) and Sagicor Bank (SBJ).
NCB remains the island’s largest bank with $610 billion in assets, according to the BOJ data.
In second place is BNS with $426.3 billion in assets followed by JN Bank with $185 billion.
The bank that holds the position of fourth largest is Sagicor Bank with $149 billion in assets. In fifth place is FCIB with $111.49 billion in assets.
Taking sixth place is JMMB Bank with $75.33 billion in assets. In seventh place is First Global Bank with $61.14 billion in assets. In the eighth place is Citibank with $22.79 billion in assets as at December 31, 2019.
Total capital held by the commercial banks was $237.44 billion at December 2019.
Loans and advances for all commercial banks increased to $827 billion, 15 per cent to compared to $716.83 at year-end 2018.