Our bank continues to execute its client-focused strategy, underpinned by deepening client relationships, offering impactful advice and solutions, and leveraging our digital infrastructure to simplify service delivery. These efforts, combined with continuing strategic investment in our technology and people, position us well to achieve sustainable growth.

Economic activity in the Caribbean is projected to expand in 2025 supported by continued post-pandemic recovery and tourism expansion, while regional inflation is expected to remain modest. However, downside risks remain as spill-over effects from global trade and tariff policies could disrupt global supply chains, fuel higher inflation and dampen growth prospects in the region given our close ties to key source markets.

For the three months ended January 31, 2025, the bank recorded solid net income of $55.8 million, compared to $84.6 million in the prior year’s first quarter. After adjusting for $2.0 million in expenses related to previously announced divestitures, the adjusted net income stood at $57.8 million compared with adjusted net income of $88.7 million in the prior year’s first quarter. Our financial performance this quarter was largely impacted by higher provision for credit losses. We recorded a significant non-recurring account recovery in The Bahamas during the prior year’s quarter. Additionally, we experienced increased provisions in the impaired loan portfolio and the impact of model parameter updates, further widening the year over year performance related to provision for credit losses. Overall, our credit quality remains strong.

Revenue performed well year over year mainly driven by loan volume growth which offset the impact of lower interest margins due to declining US benchmark rates. However, we experienced higher operating expenses compared with the prior year’s quarter due to higher employee related costs, spend on strategic investments and other costs associated with protecting the Bank.

Core business growth remained strong in the first quarter. Our loan portfolio grew by 4% reflecting increased originations across key segments, while deposits rose by 2%, highlighting continued client confidence and liquidity stability. First quarter loan originations included the Government of Barbados sustainability-linked loan for which we arranged and funded a hold position of $178MM. This transaction represents our second sustainability debt conversion and reflects a highly collaborative execution effort across our CIBC Caribbean and CIBC Sustainable Finance networks.

At the end of the first quarter, the Bank’s Tier 1 and Total Capital ratios stood at 17.8% and 19.9%, respectively, exceeding regulatory requirements. The Board of Directors has approved a quarterly dividend of $0.0125 per share, payable on April 24, 2025, to shareholders of record as of March 28, 2025.

During the first quarter, we introduced a new Country Management Model which allows us to realign our talent and structure to our strategy after having successfully optimized our geographical footprint over the last few years from 18 countries to 10 and from 72 to 45 branches. This realignment prioritizes, at the country level, business development, client-facing activities and people leadership. The senior leadership transition is underway, starting with the appointment of the new Chief Country Management Officer, Donna Wellington. We also recognize and celebrate the sterling contributions of our outgoing Operating Company Managing Directors in The Bahamas, The Cayman Islands, Jamaica and Trinidad.

On February 7th, 2025, the Bank completed the sale of its banking assets in St Maarten to Orco Bank N.V. This marks the conclusion of the previously announced divestitures in the Dutch Caribbean. We wish to say a special thank you to our former employees for their years of dedication and commitment to the Bank and its clients. With this sale now complete, the Bank can fully focus on optimizing returns within its remaining operating footprint.

We continue to make a difference in our communities as our charitable arm embarked on several initiatives during the first quarter focusing on community outreach, youth development, health and education.

Mark St. Hill Chief Executive Officer CIBC Caribbean 

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