NASSAU, BAHAMAS — CIBC Caribbean Bank (Bahamas) Limited reported a net income of $33.3 million for the third quarter of fiscal 2024, an increase from $30.9 million in the same period last year.
Managing Director Jacqui Bend highlighted the bank’s solid performance, emphasizing its commitment to a client-focused strategy that leverages digital infrastructure, deepens client relationships, and fosters a connected workforce.
“For the third quarter of fiscal 2024, we achieved a net income of $33.3 million, up from $30.9 million the previous year. For the nine months ending July 31, 2024, our net income reached $103.6 million, an increase of $12.6 million, or 14 percent, compared to $91 million in the prior year,” Bend noted.
She added: “Our financial performance has benefited from increased revenue, primarily driven by higher net interest margins in our U.S. dollar loan portfolio and growth in our interest-bearing assets. Our focus on client relationships and strong loan originations in corporate and personal banking have contributed to this growth. However, we anticipate that headwinds from U.S. benchmark rate reductions may affect our revenue momentum.”
Operating expenses, according to Bend, were higher during the quarter compared to the previous year, largely due to increased employee-related costs, strategic investments, and activity-based expenses.
Bend also stated: “There was a reversal of credit loss provisions this quarter, contrasting with provisions for credit losses in the second quarter. The lower provisions this quarter resulted from updates to our credit provisioning models and risk parameters. Furthermore, the year-to-date provision for credit losses has significantly decreased from the prior year, primarily due to the recovery of earlier accounts. Overall, credit quality remains strong.”
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