May 2010 Financial News

FCIB net income goes up by US$8 million

May 28, 2010

While FirstCaribbean International Bank Ltd (FCIB) reported net income for the six-month period ended April 30 at US$94 million versus US$86 million in 2009, chairman Michael Mansoor said total revenues were flat. Mansoor said revenues were US$2 million or one per cent higher year on year, with declines in net interest income being offset by increases in operating income.

“Net interest income was down by US$26 million due to both lower interest rates and average volumes, while operating income was up by US$28 million, due to higher gains on the sale of investment securities, lower mark-to-market losses and higher fee income, partially offset by lower gains on the repurchase of debt securities,” Mansoor stated.

“Total expenses were substantially unchanged—US$3 million or one per cent higher—year on year, with declines in operating expenses of US$5 million being offset by increases in loan loss expenses by US$8 million. “Taxation was lower by US$9 million due to lower income earned in the taxable jurisdictions,” he reported.


Source:
Trinidad Guardian
Friday May 28, 2010

http://guardian.co.tt/business/business/2010/05/28/fcib-net-income-goes-us8-million