CIBC FIRSTCARIBBEAN INTERNATIONAL BANK Ltd recorded a US$4.6 million (BDS$9.2 million) increase in profit for the first half of the 2013 financial year.
According to consolidated financial statements for the six-month period ended April 30, net income amounted to US$34 million (BDS$68 million) up from US$29.4 million (BDS$58.8) for the same period in the prior year.
Total revenues of US$263.3 million (BDS$526.6 million) were down US$5.9 million (BDS$11.8 million) year on year and chairman Michael Mansoor said revenue continued to be challenged by the struggling economic conditions of the region.
He noted that loan loss impairment expenses were down US$22.4 million (BDS$44.8 million) primarily due to lower specific provisions.
For the first half of 2012, US$71 million (BDS$142 million) was set aside for loan loss impairments compared to US$48.6 million (BDS$97.2 million) in 2013.
Operating expenses increased from US$168.2 million (BDS$336.4 million) to US$178.1 million (BDS$356.2 million) and Mansoor attributed this to higher non-credit losses and higher business taxes.
FirstCaribbean’s assets are currently US$11.7 billion (BDS$23.4 billion), up two per cent from the same period in 2012.
The chairman said Tier 1 and total capital ratios remain strong at 23 per cent and 25 per cent respectively which are well in excess of the minimum regulatory requirements.
The directors have approved an interim dividend of US$0.015 (BDS$0.03) per share to be paid on June 28. (NB)
