NASSAU, BAHAMAS — CIBC Caribbean Bank (Bahamas) reported a net income of $136 million for 2024, an 11 percent increase from the previous year, marking a year of significant transformation that culminated in the bank’s rebranding.
Jacqui Bend, the BISX-listed bank’s managing director, reviewing the results for the year ending October 31, noted: “2024 marked the completion of a significant transformation program, which involved the rationalization and consolidation of business lines and markets, along with substantial investments in our technology platforms to enhance client experience and improve operational efficiency. This culminated in our rebrand to CIBC Caribbean.”
Bend highlighted that the bank delivered another strong performance for the fiscal year, continuing to execute its client-focused strategy by leveraging its digital infrastructure, deepening client relationships, investing in its people, and simplifying and protecting the banking experience.
“For the year ended October 31, 2024, the bank reported a net income of $136.3 million, up $14 million, or 11 percent, from the prior year’s net income of $122.3 million. This year’s financial performance was positively impacted by solid loan growth, higher U.S. interest margins, and a favorable provision for credit losses. Revenue performed well year-over-year, as loan originations increased, and we benefitted from a sustained uplift in other income. However, U.S. interest rates are anticipated to fall in 2025, which may impact our revenue momentum but could also stimulate increased credit demand in the market.”
Bend also noted that the bank experienced higher operating expenses due to increased spending on strategic investments, activity-based costs, and other expenses associated with operating in a highly regulated environment. The provision for credit losses was significantly lower compared to the prior year, mainly due to non-recurring account recoveries. “Our credit quality remains strong,” she added.
