T&T Credit Down, But Not Out

Growth in credit to the private sector has slowed significantly in Trinidad & Tobago, to about 1% in the first half of 2009 from about 19% in the first half of 2008, says Suresh Sookoo, CEO of RBTT Bank. The drop, he says, is not attributable to a lack of financing, but instead “to a flattening in loan demand as consumer spending and the private sector slows down.” He also notes tells LatinFinance that non-performing loans, which he says were at a historic low right before the global financial downturn, might increase from a current average of 3.0%. Catherine Kumar, president and country head for Trinidad & Tobago’s RBTT Bank last week resigned effective September 10. Sookoo says a replacement has not yet been appointed.