Risk management and cost control have been key areas across the world's banking community. Scotiabank's focus has been on both and has included prudent management of pricing to ensure that adequate margins were obtained, and a review of all non-interest revenues was carried out.

The bank managed to achieve almost 12% loan portfolio growth, which increased its market share by one percentage point to 28%, but the real success was in deposits, which grew by nearly 11% and resulted in a 5% jump in market share to 21.5%. Significant growth was also obtained in the credit card market thanks to promotions and reward programmes.

Further, Scotiabank's private banking services were reorganised and its services extended, as were its offices' opening hours. The bank also invested in customer applications technology and introduced programmes to support clients throughout the crisis. It also remained active in its philanthropic efforts towards the most vulnerable youngsters in the local community, facilitating voluntary HIV/AIDS counselling and testing at its branches during the country's Regional Testing Day.

"Our biggest challenge was anticipating the extent of the impact of the global economy locally and how to proactively implement mitigating strategies, while ensuring performance objectives remained achievable in such an environment," says Kevin Teslyk, managing director for East Caribbean and Barbados' country head.

"We implemented strategies emphasising customer relationships, provided tailored solutions to see them through difficulties, and maintained sound risk-management practices. We must sustain these strategies as we continue with our product, marketing and corporate social responsibility initiatives in a business-as-usual manner to publicly reflect our stability."