FirstCaribbean 3Q profits down
CIBC FirstCaribbean International Bank reported that its third quarter net profits fell by half to US$9.1 million.
Total revenues for the period ending July 31, 2013 were down by two per cent, to US$129.6 million, compared to the corresponding three months last year. This was behind an eight per cent decline in net interest income to US$90.3 million.
Operating income was 14 per cent higher at $39.3 million for the period under review while operating expenses increased by three per cent to $92 million.
The bank said that it continues to be impacted by “strained economic conditions in the region”. FCIB has over 100 branches, banking centres and offices in 17 regional markets across the Caribbean and the world.
Despite the challenging overall economic environment, the company reported that it has improved in the area of loan loss impairment expenses, down US$20.9 million year to date.
