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ANNUAL REPORT 2017
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Marketing & Public Relations Department

“We hold ourselves to the highest standards to ensure that we continue

to build trust and confidence in the ACB Brand.”

ACB Mortgage and Trust Company Limited

“We subscribe to a tailored brand of service to help realize the dreams

and aspirations of each client.”

Corporate Banking Team

“We are committed to growing our

relationships with the clients we serve.”

LEGAL / SECRETARIAT DEPARTMENT

“We value our role in the Group’s governance structure and consider

ourselves privileged to serve our diverse shareholder base.”

Internal Audit Department

“We recognize the critical nature of our business and are committed to ensuring

that procedural controls remain both adequate and effective.”

Risk Management & Compliance Department

“We position ourselves for sustainable success and growth by

establishing standards to protect our stakeholders’ interests.”

Information Systems Department

“Innovation is core to our thinking at ACB as we continue to

build a more digitally-enhanced relationship Bank.”

Human Resources Department

“We foster collaboration and teamwork to empower employees

to build strong and lasting relationships with those we serve.”

Administration Department

“Our track record of excellence points to our commitment to

consistently deliver the Brand of Service Excellence we all deserve.”

Customer Relations & Service Quality

“We will always earn the right to be

our clients’ first choice. “

Finance, Accounting & Customer Support Department

“We hold ourselves to the highest standards and are guided by

our vision for success in our day-to-day activities.”

ACB Village Walk Branch

“We seek to improve our customers’ experience

by listening to their needs and exceeding their expectations.”

Retail Lending, Recoveries & Securities Department

“We place the client at the centre of all that we do and ensure success by

providing a service characterized by the highest ethical standards.”

people
People Centred… Performance Driven

Annual Report

2017 theme

The theme of our Annual Report 2017 aptly describes the current strategic focus of the Antigua Commercial Bank Group (ACB Group).

As an Institution with over 62 years’ experience in the banking industry, we recognize that a key element of our competitiveness is our people.

Our belief in the unlimited potential of our team-members anchors our focus on the professional development of each person within the organization.

This is essential to our continued growth, and to distinguishing ourselves from the competition.

As the ACB Group concentrates its efforts on engaging and empowering its employees, we are at the same time, alert to the needs of our clients, tailoring our products and services to meet their demands.

We also remain focused on nurturing a performance driven culture to realize better business outcomes. Our people-centred focus goes hand in hand with this vision. We seek to recognize and reward our high performers and create an environment in which nothing less than the very best is on offer.

The ACB Group remains committed to growing our relationships, both internally and externally; expanding our market share; realizing sustained business results; and building shareholder value. The Group is confident that we are uniquely positioned to achieve these goals.

OUR

VISION

To be the premier nancial and related services provider to each client we serve worldwide, creating wealth and opportunities for all stakeholders in an ever changing environment.

OUR

MISSION

At ACB, we aim to be the leading nancial and related services provider by exceeding our stakeholders’ expectations through exemplary service, innovative products and adapting to an ever changing environment.

OUR

PHILOSOPHY

We believe that we were created to be an essential contributor to the lives of our stakeholders. In this pursuit of our Vision we will be continually guided by the following principles:

  • Focus on creating wealth;
  • Transparency in all we do;
  • Excellent customer relations;
  • Decision making that is research driven, timely and prompt
  • A continuous pursuit of the spirit of enterprise;
  • Caring and respect for the individual;
  • Good corporate citizenship;
  • Enduring sustainability.

CHAIRMAN’S MESSAGE

We continued to work hard in 2017 to achieve solid results. This year, under the leadership of our General Manager and with the support of the entire Management Team and staff, the Group increased its focus on growing our relationships with our various stakeholders.

  • For our Shareholders, we published Shareholder Information Brochures on investment related matters to keep you better informed and engaged.
  • For our Customers, we listened to their needs, and tailored products and services to meet their demands.
  • For our Employees, we recognized high performers and sought to create a performance driven culture characterized by individual pride by delivering the ACB brand of service.

The Board remains committed to effective corporate governance principles, and this remains an important foundation for the ACB Group's strong performance which is fundamental to our success. During the year, we ensured that the Group's Risk Management Framework was extensively reviewed to meet the growing demands in this area.

Having assumed the Chairmanship in October, 2016, I am honored to stand on the shoulders of those who have served our great institution throughout the years and I am privileged to lead a diversified and well- experienced Board of Directors. I have every confidence that we will continue to build on our 62 year record of success.

People Centred… Performance Driven… That is who we are…

Your Board remains committed to fulfilling our Mission of being the leading financial and related services provider as we seek to exceed the expectations of our stakeholders.

Thank you for your continued support.

chairman

LORRAINE HEADLEY

CHAIRMAN

GENERAL MANAGER’S MESSAGE

I am pleased to report that the ACB Group remains well-capitalized and highly profitable. Throughout the financial year under consideration, we set out to build on our strategy and to focus on areas that we identified as critical for success. Our Annual Report's theme of "People Centred… Performance Driven" aptly describes our current strategic focus. This year, we have concentrated our efforts on:

  • empowering and engaging our employees
  • creating a performance-driven culture to realize better business outcomes
  • enhancing leadership and other institutional capacity
  • listening to and meeting the needs of our customers
  • streamlining our business processes for greater efficiency

The ACB Group therefore remains on track to continue to create sustainable long term shareholder value.

We are proud of our successful record of balancing the interests of all our stakeholders. We have a strong and growing foundation, built on integrity, trust and ethical behavior which are critical in our highly regulated environment.

In September 2017, the people of Barbuda suffered the ravages of a devastating hurricane and our Barbuda Agency was severely damaged. Please be assured that our commitment to serving the people of Barbuda remains unchanged, and that we will resume operations there as soon as conditions permit.

As we move into 2018 and beyond, the ACB Group is well-positioned to continue to build on a strong performance-based culture, and our determination to exceed the expectations of our customers. We are confident that our strategy is sound. By executing it well and making it easier for our customers to do business with us via enhanced processes and technologies, the ACB Group's long- term future is exceedingly bright.

Thank you.

general

BARBARA HUME

General Manager

FINANCIAL HIGHLIGHTS

Select HighLight:

FINANCIAL HIGHLIGHTS

Earnings Per Share

Gross Interest Income

Interest Income Mix

Interest Income Mix

Profit For The Year

Interest Expense

Loans & Advances

Deposit Growth

Other Operating Income

Assets

Audited

Financial Statements and Independent Auditors’ Report for

the year ended September 30, 2017

INDEPENDENT AUDITORS’ REPORT

SUMMARY CONSOLIDATED FINANCIAL STATEMENTS

Board and Management

Board of Directors

- Antigua Commercial Bank Ltd.

as at September 30, 2017

“As a Board, we are focused on our role as

Management’s key strategic advisor in its

pursuit of long-term shareholder value.”

Lorraine Headley

Chairman

Craig J. Walter

Vice-Chairman

Mavis George

Vice-Chairman

Reginald Peterson

Vice-Chairman

Daryll S. Matthew

Director

Sharon Matthew-Edwards

Director

Sandra Derrick

Director

Valerie Jeffery

Director

Cassandra P. Simon

Director

Adekunle Osoba

Director

Board of Directors

- ACB Mortgage & Trust Company Limited

as at September 30, 2017

“Directors remain committed to incorporating

best practices, building expertise and

improving effectiveness.”

Peter Blanchard

Chairman

Craig J. Walter

Director

Mavis George

Director

Lorraine Headley

Director

Reginald Peterson

Director

Daryll S. Matthew

Director

Michael F. Roberts

Director

Management Team

- Antigua Commercial Bank Ltd.

as at September 30, 2017

“We aim to set the standard for leading-edge solutions, innovation and continuous

improvement.”

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Barbara Hume

General Manager

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Peter N. Ashe

Manager

ACB Mortgage & Trust Company Limited

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Rhodette Paige

Legal Counsel/ Corporate Secretary

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Austen Gittens

Chief Internal Auditor

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Hermine Thomas

Manager Risk & Compliance

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Joyanne Byers

Finance and Accounting Executive

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M. Arlene Edwards

Manager

Corporate Banking

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Geoffrey Simmons

Manager

Retail Lending & Recoveries

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Jonathan Lindsay

Manager

Customer Relations & Service Quality

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Sidlow Frank

MIS Manager

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Sherene Bird

Human Resources Executive

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Seth Burton

Marketing & PR Executive

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Helen J. Looby

Operations and Accounting Officer

ACB mortgage & Trust Company Limited

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Maria Abraham

Audit Officer

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Vaughn Joseph

Finance and Accounting Officer

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Lois Teague

Assistant Manager

Customer Relations & Service Quality

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Collin R. Maynard

Compliance Specialist

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Sharon Nathaniel

Corporate Accounts Executive

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Heidi Weste

Corporate Accounts Executive

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Alan B. Scholl

Project Manager

“We commit to positioning the ACB Group to be even more effective and successful in this competitive environment by building on our growing advantages and proven strengths.”