NASSAU, BAHAMAS — First Caribbean International Bank (Bahamas) reported a $31.6 million net income for its second quarter, up 14.5 million from the same period in the prior year.
The BISX-listed lender in its Q2 2023 quarterly financials noted that it saw another quarter of solid results, with a second-quarter net income of $31.6 million, up $14.5 million from the prior year’s second-quarter net income of $17.1 million.
Managing director Dr Jacqui Bend remarked: “For the six months ended April 30, 2023, the bank reported net income of $60.1 million, up $30.9 million or $105.7 percent from the net income through the second quarter of the prior year.
“Our financial performance continues to be positively impacted by higher US benchmark interest rates, loan growth and an improved economic landscape across the banks operating footprint. Investments in key strategic initiatives, along with higher employee-related costs have led to higher operating expenses.”
She added: “Despite the headwinds facing the region’s major trading partners, economic projections indicate that the recovery in the country will likely progress in 2023 and 2024, led by tourism which is anticipated to reach pre-crisis levels of economic activity the year.”
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