Good results don't necessarily come from large outfits, and Scotiabank's operations in Belize prove this. Small by even the country's standards, Scotiabank has constantly been growing over the past few years and is now servicing Belize's 300,000 citizens with a total of 11 branches, the last of which was opened in the Mennonite Community of Spanish Lookout - the first branch in an area that has traditionally not been reached by banking services.

The bank's shareholders will have been pleased with a healthy 29% return on equity in 2008, growing from 27% the previous year and 24% in 2006. Net profits also rose to Bz$24.8m ($12.8m), a 54% year-on-year increase and more than twice as much the 2006 figure. Profitability is not the only indicator of Scotiabank's success. Assets grew by almost one-third and Tier 1 capital rose by more than 40% year on year, while cost-to-income and non-performing loans indicators have been constantly lowered over the past few years, reflecting improved risk management and cost control practices. Further, Scotiabank launched new products for small and medium sized businesses, a customer segment that has been previously poorly served in the country. The bank is also planning to provide a wide range of international banking services to non-residents.

On the social responsibility front, efforts to invest in the local communities have resulted in 65 annual education grants to primary school students and in feeding programmes throughout the country.

"Despite the challenges being faced by the global economic meltdown, Scotiabank Belize has remained constant in reaching out to our customers, offering them the financial solutions they truly deserve," says vice-president and managing director Pat Andrews. "In doing so, our customers have remained loyal and appreciative of the level of service that we provide."