NASSAU, BAHAMAS — First Caribbean International Bank (Bahamas) has reported a $70.2 million net income for its 2022 financial year, a $12 million drop-off from the previous year.
FCIB (Bahamas) managing director Jacqui Bend in a review of the bank’s results for the year ended October 31 noted that for the fourth quarter a net income of $22.1 million was reported. This was $2.3 million or 10 percent lower than the fourth quarter’s net income of $24.4 million a year ago.
“Throughout the year we continued to build strong momentum through the execution of our client-focused strategy. We have led in digital client innovation, with the launch of expanded digital channels and leading services, in addition to making other strategic investments to support future growth. We remain committed to enhancing the client experience and developing our staff, who remain a key asset of our success,” said Bend.
She added: “Economic and market conditions have slowly recovered during the year, led by the tourism sector. The recovery has occurred against the backdrop of higher US interest rates aimed at reducing inflation in key trading markets, the ongoing war in Ukraine, and other geopolitical challenges. While local economic recovery is expected to advance in 2023 as key industries continue to track towards pre-pandemic levels, there is some downside risk given the current global economic environment.”
According to Bend, for the year ended October 31, the bank reported a net income of $70.2 million compared to $82.2 million in the prior year.
“This year’s financial results were largely impacted by increased provisions for credit losses, reflective of changes in model assumptions and credit migration. Additionally, non-interest expenses were up over the prior year as we experienced inflationary pressures and higher expenses related to our strategic business and infrastructure investments. The bank however experienced strong revenue growth from higher US interest rates and increased activity-based fees,” Bend added.
The bank’s Board of Directors at its meeting on December 15 approved a final dividend of $0.09 cents per share, subject to regulatory approval, bringing the total dividend for the year to $0.36 cents.
