On June 7th, 2021 Mr. Larry Lawrence took up the position of Managing Director, Designate at Grenada Co-operative Bank Limited. Established in 1932, Grenada Co-operative Bank Limited is Grenada’s largest indigenous commercial bank with assets of over $1.4B, two hundred (200) highly trained staff, five (5) Retail Banking Units, Broker-Dealer operations, and a network of thirty (30) Automatic Teller Machines.

Mr. Lawrence holds a Master of Business Administration (MBA) in Finance from University of Leicester and a Banking Certificate from the Institute of Financial Services.

In addition to his educational credentials, Mr. Lawrence brings with him twenty-seven (27) years of commendable banking experience in local and regional markets having served an international bank in the capacity of Country Head, Turks & Caicos Islands (TCI) and head of Corporate Banking in Grenada.

During his banking tenure, he has amassed considerable capabilities and expertise in maintaining robust control frameworks, as well as executing focused and disciplined change management.

Mr. Larry Lawrence replaced Mr. Richard W. Duncan who, after twenty-five (25) years of dedicated service, including thirteen (13) years as Managing Director, retired from the Bank on December 5th, 2021.

Grenada Co-operative Bank Limited

The fiscal year 2023 was a decisive period for Grenada Co-operative Bank Limited. This was marked by the improved financial performance of the Bank’s book of business pre-CIBC FirstCaribbean and the significant growth and strategic expansion following the acquisition of CIBC FirstCaribbean Grenada business.

The Bank experienced substantial increases in net profit after tax, total assets, and earnings per share. Notably, net profit after tax measured $21.9 million, a historic high for the institution, while total assets surged from $1.61 billion in 2022 to $2.22 billion in 2023.

The acquisition not only bolstered the Bank’s market share but also solidified its position as the largest commercial bank in Grenada. The improved financial performance allows us to build resilience and capacity, so that we can invest in delivering high quality financial services, ensuring a fair return for our shareholders whilst improving the lives of our citizens across Grenada, Carriacou and Petite Martinique.

Financial Review
The Bank’s total assets experienced a 38% increase, reaching $2.2 billion in 2023. This significant growth was evident across various asset categories including cash and cash equivalents, loans and advances, investments securities, and other assets and prepayments. Furthermore, this expansion was supported by increases in customers’ deposits, subordinated debt, and equity, reflecting the Bank’s robust financial performance and strategic initiatives undertaken during the fiscal year.

Statement of Income Review
The Bank recorded an exceptional performance in 2023. Net profits surged to $21.9 million or 938% when compared to the $2.1m achieved in 2022. This substantial increase in profits can be attributed to the following key factors:
• Total revenue reached $104.3 million, a significant increase from the $71.5 million achieved in 2022. Notably, interest income, investment income, and other income experienced respective increases of $5.1 million, $10 million, and $27.7 million, contributing to the overall growth in revenue.

• Total expenditures amounted to $75.2 million, demonstrating a 9% increase from the $69.1 million spent during the same period in 2022. Despite the rise in expenditure, prudent cost management measures ensured that the increase remained manageable relative to the substantial growth in revenue.

These factors collectively drove the substantial increase in net profits, and ultimately resulted in a significant boost in earnings per share, rising from $0.28 in 2022 to $2.88 in 2023. This impressive growth underscores the Bank’s commitment to delivering value to its shareholders and stakeholders through prudent financial management and strategic decision-making