FirstCaribbean International Bank Reporting 18% Increase In Net Income To US$43.9M For Q2 2018
Gary Brown, Chief Executive Ofﬁcer for FirstCaribbean International Bank Limited is reporting net income of US$43.9 million for their second quarter of ﬁscal 2018, up US$6.7 million or 18% from the second quarter’s net income of US$37.2 million a year ago.
He’s reporting that during the quarter, they continued to deliver strong core results across all three business segments by building a client-focused bank and, where possible, improving operational efﬁciencies.
The regional economic outlook he said, suggests moderate growth overall, but speciﬁc markets could face lower economic activity depending on the level of ﬁscal imbalance and sustainability of performance in key sectors.
Commenting further on the company’s financial performance, he indicated to shareholders that for the six months ended April 30, 2018, FirstCaribbean International reported net income of US$82.1 million, up US$11.2 million or 16% compared to the same period last year.
Total revenue was US$288.8 million, up $24.2 million or 9% from the six months ended April 30, 2017 due to the 3% growth in performing loans over last year in addition to the beneﬁt from rising US interest rates. They also saw increases in several categories of operating income resulting in 6% growth over the same period last year.
Operating expenses of US$191.8 million were up US$9.4 million or 5% from the same period a year ago mainly as a result of higher salaries and beneﬁts coupled with increased depreciation and related costs associated with technology investment.
During the quarter, FirstCaribbean International paid a special dividend of twelve point seven cents ($0.127) per share as part of their effort to enhance shareholder returns through capital deployment.
The Directors have approved a regular, interim dividend of two point ﬁve cents ($0.025) per share to be paid on July 6, 2018 to shareholders of record as of June 22, 2018.BM
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