NASSAU, BAHAMAS- CIBC Caribbean’s Bahamas operations reported net income of $30.2 million for the second quarter ended April 30, 2025, up from $27.9 million in the same period last year, as the bank continued to demonstrate solid performance despite global economic headwinds.
In a review of the results, Managing Director Jacqui Bend credited the bank’s client-centric strategy for driving growth across its loan and deposit portfolios. “Core growth continued across our business segments,” Bend said, though she noted that revenue uplift was offset by lower U.S. benchmark interest rates and shifting funding dynamics.
Operating expenses increased by $0.8 million or 2 percent year-over-year, reflecting continued investment in strategic initiatives. Income tax expense rose by $3.4 million, influenced by the introduction of the Global Minimum Tax Act in The Bahamas, aligned with the OECD’s 15 percent global minimum corporate tax for certain multinational entities.
For the six-month period, the bank reported net income of $59.8 million, compared to $70.4 million a year earlier. The decrease was primarily driven by higher provisions for credit losses related to impaired loans and updated model assumptions, alongside the absence of a significant recovery recorded in the prior year.
Despite the provisions, Bend said credit quality remains strong, and the bank continues to operate from a position of strength. Tier 1 and Total Capital ratios stood at 27.9 percent at quarter-end, well above regulatory thresholds.
