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Posted: Friday 27 February, 2015 at 3:40 PM

Highest results in four years for CIBC FirstCaribbean

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By: CIBC

    Bridgetown,  Barbados  26th February  2015  --  CIBC  FirstCaribbean  has  announced its  best  quarterly  financial performance in  four  years.  For  the  three  months  ended January  31,  2015,  the  Bank  recorded  net  income  of  $26.6 million,  which  is its  best performance since 2010. 

     

    In  making  the  announcement,  CEO  Rik  Parkhill,  noted:  “Our  results  were  driven  by lower  loan  loss  impairment expenses and  lower  operating  expenses.   This  is  a  solid improvement  in  our  performance  when  compared  with  net  income  of $15.4  million for the same period last year.”
     
    The improved performance comes despite a decrease in total revenue of $7.3 million year  over  year.  The  CEO  noted  that this  decrease  was  primarily  due  to  lower  loan earnings  and  lower  gains  from  investment  security  sales.  However,  he added  that operating  expenses  were  down  by  $4.0  million  compared  with  the  same  period  last year,  as  the  Bank continues  to  benefit  from  expense  control  initiatives  and  savings from the ongoing restructuring of its operations. 
     
    Loan loss impairment expenses, which featured heavily in the Bank’s recent results, were  also  down  significantly  by  $14.9 million  compared  with  the  prior  year.  Mr. Parkhill  noted  that  this  is  the  third  consecutive  quarter  of  reduced  loan  loss levelsyear-over-year. 
     
    The challenges being faced by regional economies continue to have an effect on the Bank’s performance. The CEO noted that this is consistent with the experience of the industry  region-wide.  The  challenging  credit  environment  which  continues  to affect some  of  the  markets  CIBC  FirstCaribbean  operates  in  has  also  been  a  factor  in  the Bank’s performance. 
     
    Three years ago, the Bank embarked on a comprehensive programme of remediating its  operations  to  achieve  its  goal  of improved  performance.  That  programme  comes to an end in October of 2015. Mr. Parkhill added that the Bank will continue to follow this in order to return to consistent levels of profitability. He noted: “ To  ensure that we  deliver  consistent,  sustainable results,  CIBC  FirstCaribbean’s  focus  remains  on deepening our relationships with our clients and being their leading bank.”
     
    CIBC  FirstCaribbean’s  Tier  1  and  Total  Capital  ratios  remain  strong  at  20.9%  and 22.1%, which is well in excess of applicable regulatory requirements. 
     

     
     
     
     
     

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