NASSAU, BAHAMAS — First Caribbean Bank (Bahamas) recorded a $12.2 million net income in its first quarter, down 24 percent over the same period last year.
Jacqui Bend, the bank’s managing director, revealed the drop in a review of the bank’s performance for the three months ended January 31 2022.
Bend said the bank recorded a net income of $122 million, down $3.9 million from a net income of $16.1 million over the same period last year.
Bend noted that local economic activity has started to improve, although the COVID-19 pandemic continues to affect the pace of the economic recovery.
“Revenue continues to reflect the impact of a low interest rate environment,” Bend said.
“However increased client transactional activity has contributed to six percent revenue growth over the same quarter last year. Operating expenses were up $1.8 million or seven percent from the same quarter last year. We continue to manage the inflationary pressures on our cost base closely.
“Provision for credit loss increased by $4.9 million over the same three month period last year, reflecting change from relevant updated macro-economic forecasts which is a key component in determining credit losses for the bank,” Bend added.
At the end of the first quarter, the bank’s Tier II and Total Capital ratios were both 24.8 percent and are in excess of applicable regulatory requirements.
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