FirstCaribbean International Bank Ltd has recorded a net income of US$39.9 million for the quarter ended April 30
This was a 76 per cent increase from the comparative period last year FirstCaribbean when recorded a net income of US$22.6 million.
“After adjusting for $4 million of operating expenses related to the divestitures announced at the end of 2021, net income was $43.9 million,” First Caribbean’s chief executive officer Colette Delaney stated in her review.
For the six months ended April 30, First Caribbean reported a net income of $85.1 million.
“On an adjusted basis, net income was $92.1 million, up $29.2 million from the same period last year of $62.9 million. The improved financial performance was primarily due to increased transaction based non-interest income, and the reversal of provisions for credit losses reflective of favourable changes in the regional economic outlook,” Delaney stated.
Delaney sated that economic activity continued to improve across the region as COVID-19 restrictions were relaxed, providing further relief to the tourism sector and increasing consumer demand.
“However, the Bank will continue to monitor the economic outlook in light of supply chain and inflationary pressures , including the regional impact emanating from the war between Russia and Ukraine,” Delaney stated.
“The bank’s Tier 1 and Total Capital ratios remain strong at 13.9 per cent and 16.5 per cent in excess of applicable regulatory requirements. The directors have approved a quarterly dividend of US$0.01 per share, which will be paid on July 8, 2022 to shareholder of record on June 17, 2002,” she stated.
According to First Caribbean’s financial statement its total assets at the end of April 30 was US$13 billion.
At the end of April 30 last year total assets were recorded as US$12.3 billion.