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BNF Bank announced a robust financial performance for the year 2023, recording a profit before tax of €13.0 million – a 6.75% increase over 2022.

Higher profitability in 2023 was primarily due to increased net interest income of €32.5 million (2022: €25.8 million). In addition to net interest income, net fees and commission income and other ancillary income contributed to a net operating income for 2023 of €36.2 million (2022: €30.1 million). The Bank’s cost-to-income ratio reflects the technology investment the Bank is undergoing, which will be in the Bank’s long-term financial interest. The cost-to-income ratio stood at 65.1% for 2023 (2022: 61.7%). In 2023 the Bank wrote back expected credit losses (‘ECL’) of €0.4 million (2022: ECL write-back of €0.7 million).

In this interview with David Power, the accomplished CEO of BNF Bank, we gain insights into his transformative leadership journey. With a distinguished career spanning global financial hubs, David has steered BNF Bank to new heights.

New European Economy: What can you tell us about the achievement of third-country branch authorization in the UK? Why is this such a significant and positive development for BNF Bank and its clients?

David Power: BNF Bank has actively operated in the  United Kingdom through its London branch since 2019. In November 2023, we obtained approval to operate a third-country branch authorized by the Prudential Regulation Authority (PRA) within the Bank of England, with the consent of the Financial Conduct Authority (FCA).

Step into the world of Cook Islands Finance with an exclusive interview featuring CEO Tony Fe’ao. Gain insights into the innovative financial products, brand-building endeavours, and strategic partnerships shaping the organization’s dynamic presence in the ever-evolving international financial services landscape. This interview unveils the multifaceted strategies and forward-thinking initiatives propelling Cook Islands Finance on its mission in the global financial arena.

NEE: What is the remit, mandate and role of Cook Islands Finance?

Tony Fe’ao: The Cook Islands Financial Services Development Authority, (FSDA), operating as Cook Islands Finance, is the government agency tasked with the promotion and development of the Cook Islands financial services industry (FSI). Our vision for the FSI is one of an industry that is economically beneficial to the people of the Cook Islands, socially responsible and which enhances our reputation as a relevant, compliant and progressive international financial centre.

Capital Security Bank (CSB) is pleased to announce the appointment of Joseph Horn-Smith as its new Chief Executive Officer.

Mr. Horn-Smith has served as CSB’s Chief Operating Officer since February 2021.  In this capacity, he has been instrumental in driving operational excellence and strategic initiatives across all business areas, and possesses a wealth of experience and an enviable track record in financial services. His strategic vision, commitment to innovation, and demonstrable ability to lead in a rapidly evolving market position him as the ideal candidate to guide CSB through its next phase of growth.

If you’re an intrepid European traveller who thinks they’ve ‘done it all’, the Cook Islands is guaranteed to reignite your passion for adventure.

As far away as you can get from Europe before you start coming back again, this South Pacific collection of 15 islands is a picture postcard paradise of white sand beaches, azure seas, verdant mountains and 13,000 kindly souls, the bulk of whom live on the main island, Rarotonga, which also acts as the hub for connections on to the other islands. And with direct flights from New Zealand, Australia, Hawaii and Tahiti, paradise can be reached with just one stop along the way from several major European cities – which also opens up the prospect of two far flung vacations in one!