Capital G Bank posted record earnings of $8.1 million yesterday, up 12.5 percent from last year?s figure of $7.2 million due partly to new product offerings.

Return on equity remained constant at just over 16 percent while the bank?s deposit book and loan book grew by five and ten percent respectively.

?Through a combination of innovative products and good customer service, we have been able to grow the business in a very competitive environment. I believe this is testament to the creativity and flexibility of our staff in meeting client needs,? said Sarah Farrington, president and CEO.

The bank cited a number of successful deposit products during the year including the ?Trade Up? CD that allows customers to trade up to a higher interest rate, an index linked time deposit, and the FedFunds account where the interest rate moves in accordance with the US Federal Funds rate. It also re-launched Select Private Banking, a full service private bank offering banking, investments and trust services.

No replacement has been named for Mrs. Farrington who will leave the bank in July.

She has led the bank for the past five years and was responsible for overseeing its transition from a 60-year-old deposit company into Capital G Bank. Since it received its banking licence in 2001, the bank?s deposits have increased by 104 percent while loans have grown by 80 percent.

?We have made good progress in expanding the breadth of our products and services which is reflected in our year end numbers. The bank?s management team looks forward to continuing to service the local market in the future and to further expand our product range,? said Mrs. Farrington.