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Businessuite 2023 #1 Barbados Company – US$ Revenue |
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US$000 |
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2017 |
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First Caribbean International Limited |
$599,280 |
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$543,052 |
Throughout the year, we continued to build strong momentum through the execution of our client focused strategy. We have led in digital client innovation, with the launch of expanded digital channels and leading services, in addition to making other strategic investments to support future growth. We remain committed to enhancing the client experience and developing our staff, who remain a key asset to our success.
Economic and market conditions in the region have slowly recovered during the year, led by tourism services followed by output expansion in other productive sectors. The recovery has occurred against the backdrop of higher US interest rates aimed at reducing inflation in key trading markets, the ongoing war in Ukraine and other geopolitical challenges.
While the region’s economic recovery is expected to advance in 2023 as output continues to track towards pre-pandemic levels, the current global economic environment does imply some downside risk to the region.
For the year ended October 31, 2022, the Bank reported net income from regional operations of $176.4 million, up $50.7 million or 40%, an increase from prior year’s net income of $125.7 million.
Adjusted net income was $186.9 million, after excluding expenses of $10.5 million related to the announced divestitures compared to an adjusted net income of $140.4 million at the end of 2021. This year’s improved financial results were largely due to increased revenue from higher US interest rates and increased activity-based operating income.
Additionally, the provision for credit losses was lower than the prior year mainly due to lower provision on impaired loans. However, non-interest expenses were up over the prior year as we experienced inflationary pressures and higher expenses related to our strategic business and infrastructure investments.
The Board of Directors approved a final quarterly dividend of $0.010 per share, bringing the total dividend of $0.04 per share for the year. The dividends will be paid on January 20, 2023 to shareholders of record on December 20, 2022. The Bank’s Tier 1 and Total Capital ratios remain strong at 14.8% and 16.4%, well in excess of applicable regulatory requirements. We remain committed to maintaining a strong capital position.
Looking to the Future
Efforts are ongoing to divest operations in the markets previously announced. The sale of operations in Aruba closed in February and the sale of St. Vincent and St. Kitts and Nevis has been approved by regulators and transition work is underway. Following the withdrawal of the offer to purchase our Dominica operation, the difficult decision was made to wind down operations and close the branch. Negotiations to progress the sale of our Grenada operations are still ongoing. As we bring these transactions to a close, the focus shifts to accelerating growth.
Mark St. Hill Chief Executive Officer CIBC FirstCaribbean (Mark St. Hill was appointed Chief Executive Officer of CIBC FirstCaribbean with effect from November 1, 2022.)
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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