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Financial News

Jun 2015 Financial News

FirstCaribbean earns US$52m net income

Jun 11, 2015

FirstCaribbean International Ltd recorded net income of US$25.6 million for the second quarter of the year, up by US$9.2 million or 56 per cent over the adjusted net income for the first quarter.

In its latest consolidated financial statements posted on the T&T Stock Exchange, the bank also released results for the six month ended April 30 which show net income of US$52.2 million. This was an increase of 62 per cent or US$20.4 million from the corresponding period last year when the adjusted net income was US$31.8 million.

In his review of FirstCaribbean’s financial performance, CEO Rik Parkhill said there was a decrease in total revenue, which was down US$7.7 million year over year primarily due to lower loan and security earnings as several countries had experienced low credit demand. He said: “Operating expenses were down by US$2 million compared with the same period last year as we continue to benefit from expense control initiatives and savings from our ongoing restructuring programme.

“Loan loss impairment expense was down significantly by US$27.1 million compared with the prior year’s adjusted expense due to an improvement in the loss experience. “This also represents the fourth consecutive quarter of reduced loan loss levels year over year. Loan quality is strong and continues to improve with non-productive loan balances down five per cent quarter over quarter. Productive loans are up slightly over the first quarter.”

Parkhill said the banks Tier 1 and total capital ratios remain strong at 21 per cent and 22.2 per cent, “well in excess of applicable regulatory requirements.”

 

Source:
Trinidad Guardian
Thursday June 11, 2015

http://www.guardian.co.tt/business/2015-06-11/firstcaribbean-earns-us52m-net-income