Mar 2010 Financial News

Mixed results at FirstCaribbean

Mar 08, 2010

FIRSTCARIBBEAN International Bank has recorded decreases in net income and net interest income for the quarter ended January 31, 2010, but operating income grew.

According to recently released consolidated financial statements, net income amounted to US$37 million compared to US$44 million in 2009, representing a 16 per cent decrease.

The regional bank headquartered in Barbados also reported a US$13 million decline in net interest income that chairman Michael Mansoor attributed, in his accompanying review, primarily to falling interest rates and declining loan volumes.

Net interest income stood at US$101.36 million compared to US$114.21 million for the first quarter of 2009.

However, the chairman said: "Operating income grew by 52 per cent principally due to lower mark-to-market losses than in the prior year as well as gains on the sale of investment securities and higher fee income."

The statement also revealed that operating expenses and loan loss expenses were higher than the previous year, by US$3 million and US$11 million respectively, while taxation was US$6 million lower due to lower income earned in taxable jurisdictions.

Meanwhile, the value of total assets declined from US$10.81 billion for the first quarter of 2009 to US$10.25 billion for the comparable period in 2010.

Liabilities dropped by US$754.45 million, from US$9.49 billion in 2009 to US$8.73 billion in 2010.

"The bank is well capitalised, positioning us to take advantage of any opportunities in the future," Mansoor said. (NB)


Source:
Nation News
Monday March 8, 2010

http://www.nationnews.com/news/business/FirstCaribbean-first-quarter-LEAD-copy-for-web