NASSAU, BAHAMAS — First Caribbean International Bank (FCIB) saw a strong financial performance for its 2023 fiscal year with a net income of $122.3 million, up 74 percent from the previous year.
Jacqui Bend, the bank’s managing director, commenting on the bank’s performance for the year ended October 31st, noted, “The bank delivered a strong financial performance for the fiscal year as we continued to execute our client-centric strategy focused on deepening client relationships, enhancing our digital banking offerings, simplifying operations, and investing in our people. Our strategic investments are creating a strong foundation for future growth and optimization of resources across our strategic business segments.”
She added, “For the year ended October 31, 2023, the Bank reported net income of $122.3 million, up $52.1 million or 74 percent, from the prior year’s net income of $70.2 million. The year’s significantly improved results were largely due to the revenue uplift from higher US benchmark interest rates. Additionally, as the economy continued to recover from the aftermath of the COVID-19 pandemic, transaction-based operating income returned to normalized levels, improving over the prior year.”
Bend noted that in 2024, a softer pace for economic growth and sustained inflation levels are likely to have broad implications across the bank’s strategic business segments.
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