FIRSTCARIBBEAN INTERNATIONAL Bank’s chairman Michael Mansoor says the region’s largest bank has operated in a “very challenging environment”.
Despite this, Mansoor said the Barbados-headquartered bank recorded a profit US$157.4 million for the financial year ended October 31.
The chairman said the bank’s unaudited results represented a ten per cent decline on its 2009 performance.
“Total revenues declined by US$16.5 million or 36 per cent, compared to the prior year, driven by decreases in net interest income stemming from lower average loan and securities and yields,” Mansoor told shareholders in a statement published on Thursday.
He noted that the decline in bank revenues was “partially offset by higher gains on the sale/repurchase of securities and debt, lower mark to market losses, and higher fee income”.
At the same time the FirstCaribbean chairman said “increases in loan impairment losses resulting from the adverse economic situation were almost fully offset by continued strong cost-control and lower taxes”.
FirstCaribbean International Bank is owned by Canadian?Imperial Bank of Commerce. (GE)
