In today’s dynamic global landscape, UK businesses have carved a reputation for innovation, quality, and unwavering ambition. Talented and creative British business owners, investors and entrepreneurs are some of the key drivers behind this. To bolster their success, UK businesses are increasingly looking to ‘go global’, by tapping into new markets, sectors, and talent.
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.
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).
By Simon Camilleri, CEO at Saxo UK
As competition intensifies in pricing, financial institutions and investment platforms must prioritise complete transparency to provide investors with a clear understanding of costs, enabling them to make well-informed decisions. Historically, the financial industry faced criticism for its lack of transparency, leaving investors unaware of hidden fees, costs, and potential conflicts of interest. However, with technological advancements and growing market competition, there needs to be a concerted shift towards greater openness.
