Third quarter results just released by FirstCaribbean International Bank show a nine per cent increase in net income from the $34.8 million recorded a year ago to $38 million in the current fiscal period.
Total revenue for the period was $403.1 million, up $12.4 million or three per cent compared with the same period last year primarily due to lower funding costs and higher non-interest income.
Productive loans, a key performance driver, have continued along a growth path registering three per cent year over year growth.
Commenting on the bank's financial results, CEO Gary Brown said: "Regional economies are still recovering slowly and yet economic outlooks generally reflect marginal growth along with uneven investment activity."
He said although revenues continued to grow, the bank's results had been affected by higher taxes being imposed by various jurisdictions and other operating costs continue to hurt results.
"Better loan loss performance contributed significantly to the improvement in net income. Given the strength in quality of our loan portfolio and continued reduction in the non-productive loan balances, the opportunities for loan recoveries will reduce over time," he said.
Brown added: "Despite prevailing conditions, our wholesale banking and retail segments posted solid third quarter revenue and loan growth as efforts continue to enhance the client experience and deliver best-in-class service.
"Operating expenses of $268.8 million were up $10.1 million or four per cent compared with the same period in the prior year primarily as a result of higher business taxes, project related spend and other operating costs."