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Businessuite 2023 #1 Barbados Company US$ Profit after Tax |
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BB |
BB |
BB |
BB |
BB |
BB |
BB |
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US$000 |
US$000 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
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Company |
2022 |
2021 |
1 |
1 |
2 |
6 |
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1 |
1 |
BB |
First Caribbean International Limited |
$176,393 |
$125,721 |
Overview
Our bank continued to face headwinds in FY22, and though our regional economies have continued to rebound following the period of the COVID-19 pandemic, world conditions continued to affect the pace at which this has occurred. Despite this, our performance has been a creditable one, and I now report to you on behalf of the Board of Directors about the achievements of our bank in FY2022.
CIBC FirstCaribbean recorded a net income of $176.4 million during the period under review, and as a result, your Board of Directors has approved a regular quarterly dividend of $0.010 per share to be paid on January 20, 2023 to shareholders of record on December 20, 2022.
The conditions of the markets in which we operate tell the story of the level of challenge the region continues to face, though despite the global slowdown and soaring domestic consumer prices, the Caribbean’s economic recovery continued to advance following generally timid recoveries in 2021.
The uncertainties of the global market have made it even more important for CIBC FirstCaribbean to continue to position itself to take full advantage of the opportunities in the future. This includes restructuring for greater efficiency and delivering on our plans to transition to a more digital bank for a more consistent client experience.
In the year under review, we followed through on previously stated plans to simplify our structure, by advancing the sale of our client portfolios in St. Vincent and St. Kitts and Aruba, with the Aruba sale having been completed in February of 2022, and the St. Vincent & St. Kitts sales being due for completion in the early part of 2023. With the withdrawal of the application of one of our partners in Dominica, we subsequently announced plans for the closure of our business from that market, to be completed on 31st January 2023, and discussions continue with our partner in the Grenada market.
Key to our future too, is the continued roll out of our digital strategy. Led by our Chief Information Officer, Esan Peters, Technology & Operations have been transforming our bank’s delivery of services to a more digital environment, and have also turned their attention towards supporting the creation of new data-driven business models built around digital client engagement. Through a significant investment in this strategy, we are delivering to the market first-class, digitized financial services to our clients. To support this, we have built the best digital banking platform in our region, and we are setting the standard in the fast-emerging digital world.
David Ritch OBE, J.P
Chair of the Board
CIBC FirstCaribbean is a relationship bank offering a full range of market leading financial services through our Corporate and Investment Banking, Retail and Business Banking and Wealth Management segments. We are located in fifteen (15) countries around the Caribbean, providing banking services through approximately 2,700 employees in 54 branches and offices.
We are one of the largest regionally listed financial services institutions in the English and Dutch speaking Caribbean, with US$13 billion in assets and market capitalization of US$1 billion.
We also have a representative office in Hong Kong that provides business development and relationship management for our fund administration. The face of banking is changing throughout the world and CIBC FirstCaribbean intends to lead these changes with the expertise, integrity and knowledge gained from banking in the Caribbean since 1836.
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