Consumer debt to challenge FINCO


Tribune Business Editor


A major mortgage lender has warned it will be increasingly challenged to grow its loan book because COVID-19 has “compounded” the strain for Bahamians already highly leveraged on consumer debt.

Ericka Rolle, managing director of BISX-listed Finance Corporation of The Bahamas (FINCO), told shareholders that the pandemic has made it even harder to find qualified borrowers due to the devastating impact on their personal and household finances.

“The COVID-19 pandemic has compounded existing economic challenges. While vaccines and the gradual return of tourism are positive developments, growth continues to be a challenge in The Bahamas with higher levels of unemployment exacerbated by the pandemic. In addition, prior to the pandemic Bahamians were already leveraged with higher amounts of consumer debt,” she said.

“Accelerating quality growth in key client segments continues to be an opportunity for us in 2021, despite the impacts of the global COVID-19 pandemic. While we have experienced a decline in net mortgage volumes in 2020, we remain competitive.”


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