Home Businessuite Markets Firstcaribbean International Bank Reporting Net Income Of US$120M Up By US$15.7M Or 15.1%. For 9 Months Ended 31 July, 2018
Firstcaribbean International Bank Reporting Net Income Of US$120M Up By US$15.7M Or 15.1%. For 9 Months Ended 31 July, 2018

Firstcaribbean International Bank Reporting Net Income Of US$120M Up By US$15.7M Or 15.1%. For 9 Months Ended 31 July, 2018

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FirstCaribbean International Bank Limited is reporting in the company’s just released Consolidated Financial Statements for the nine months ended 31 July, 2018, net income of US$120 million, up by US$15.7 million or 15.1%.

Commenting on the financial performance, Chief Executive Officer Gary Brown reported that adjusted net income for the year taking into account a number of items was US$124.5 million compared with US$104.3 million for July 31, 2017.

Total revenue was US$435.1 million, up US$33.2 million or 8.3% due to continued growth in performing loans in addition to the benefit from rising US interest rates, he said.

Loans and advances to customers were US$5.9 billion, down $348 million or 5.6% from prior year due to an early repayment during the quarter of a loan previously made to a major shareholder. Excluding this item, loan portfolio grew 2.6% or $152 million year on year.

Net income of US$38.0 million for the third quarter of the fiscal, was $4.6 million or 13.8% higher than the third quarter’s net income of $33.4 million a year ago.

Results for the period were affected by several items of note including US$20.0 million relating to Provision for credit losses due to the impairment classification of Barbados Government Debt exposures and Insurance recoveries of $1.8 million arising from the impact of hurricanes Irma and Maria in 2017.

Excluding these items, the Bank generated $44.4 million of net income for the period compared with $33.4 million in the prior year.

Operating expenses of $285.4 million were up $9.3 million or 3.4% compared with the same period in the prior year primarily as a result of higher salaries and benefits, systems infrastructure costs and depreciation of costs related to prior technology investments.

The Directors have approved a regular, quarterly dividend of one point two five cents ($0.0125) per share to be paid on September 28, 2018 to shareholders of record as of September 3, 2018.

FirstCaribbean International Bank Limited also paid a bi-annual dividend of two point five cents ($0.025) per share on July 6th, 2018.

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