First Caribbean International Bank Limited is reporting a lower net income.
The bank’s net income for the third quarter ended July 31 was over USD$33-million. This is USD$4.6-million or 12-percent below the third quarter’s net income last year. Last year’s net income was USD$38-million.
Chief Executive Officer, Gary Brown says the Bank delivered total revenue of almost USD$402-million. This, he says, is largely in line with total revenue for the same period last year despite the challenging economic environment.
The Bank recorded USD$7.3-million in operating expenses showing a 3-percent increase compared with the same period last year. This was primarily as a result of higher business taxes along with systems related expenditure and depreciation.
Despite the continuing low credit demand and slow investment activity across the region, the Bank’s loan growth to date remains strong across the Retail, Corporate Investment Banking and Wealth Management segments.
It registered $206-million or a 3-percent increase in productive loans over the third quarter of the prior year.
First Caribbean International continued to invest in the business, enhancing client experience with the opening of its newest banking center in Philipsburg, St. Maarten in August.