NASSAU, BAHAMAS — First Caribbean International Bank (Bahamas) saw a $16.4 million increase in its first quarter results year-over-year.
The bank’s managing director Jacqui Bend in a review of results for the three months ended January 31, of this year, noted that the BISX-listed lender had delivered solid results in its first quarter having reported a net income of $28.6 million, which was up $16.4 million from the first quarter’s net income of $12.2 million a year ago.
“The uplift in financial performance can largely be attributed to higher US interest rates,” said Bend.
“The ongoing economic recovery across most of the banks operating footprint has also contributed positively to our performance. However, operating expenses of $34.1 million were up from the first quarter a year ago due to ongoing strategic initiatives, employee-related costs, and the effects of inflation,” said Bend.
She also noted that credit losses were down from the same quarter in 2022 due to a higher level of release where the bank continues to maintain strong risk management and credit quality across its portfolios.
“We anticipate a slower pace of global economic growth for 2023 vs 2022 which will have spillover impacts in terms of tourism and foreign direct investment. However we expect to see some easing of conditions towards the end of the fiscal year as inflation cools and prices stabilize,” said Bend.
