FCIB Bahamas reports $12 million year-over-year increase in Q3 net income

FCIB Bahamas reports $12 million year-over-year increase in Q3 net income

NASSAU, BAHAMAS — FirstCaribbean International Bank (Bahamas) has reported a $12 million year-over-year increase in its third-quarter net income.

Jacqui Bend, the Bank’s managing director, noted that the Bank’s third-quarter net income was $30.9 million, up $12 million or 64 percent from the Bank’s third-quarter net income of $18.9 million a year ago. 

For the nine months ended July 31, 2023, the Bank reported net income of $91 million, up $42.9 million or 89.3 percent over the prior year’s net income of $48.1 million.

“The uplift in financial performance continues to be largely attributed to the higher US benchmark interest rates,” Bend noted.

“Over the nine-month period, the spend on transformational initiatives and inflation have led to increased operating expenses. The provision for credit losses declined from the same period last year due to updates to the credit provisioning model and risk parameters. We continue to maintain a high level of credit quality across the Bank.”

She added: “The economic recovery in the country is being sustained as the market moves towards pre-pandemic levels of output and reflects indications of improvement in employment levels. Pent-up travel demand is driving a strong tourism rebound which is spurring growth in related sectors.

“The Bank’s Tier 1 and Total Capital ratios remain strong at 28 percent, in excess of applicable regulatory requirements. At its meeting on September 14, 2023, the Board of Directors approved an interim dividend of nine cents ($0.09) per share subject to regulatory approval,” Bend remarked.