CIBC Caribbean Bank yesterday reported net income of US$114.8 million for the nine months ended July 31, 2025, a 47.3 per cent decline compared with $217.7 million for the same period last year.
CIBC Caribbean chairman Mark St Hill explained, “On an adjusted basis, net income was US$168.6 million compared with US$223.8 million for the same period last year due to higher provision for credit losses, operating expenses and transition to the global minimum corporate tax framework.”
And for its third quarter, the Bridgetown, Barbados-based, regional commercial bank reported a net loss of US$1.1 million for the third quarter ended July 31, 2025. The bank recorded a net income of US$65.7 million for the same period in 2024.
Referring to the third quarter results, St Hill said, “Results for the third quarter were adversely affected by an item of note related to a US$45.3 million fair value loss on a non-core investment which consists of structured notes issued by a third-party fund.
“Adjusted net income, which excludes the item of note, was US$44.2 million compared with US$64.7 million for the same quarter last year. Adjusted revenue was US$194.4 million compared to US$192.3 million for the same period last year.”
St Hill said that although the bank reported a net loss this quarter, it continued to execute its client-focused strategy and delivered a resilient performance in relation to its core business activities.
He said, “The balance sheet remains strong, underpinned by sustained year-over-year growth in both loan and deposit portfolios, along with adequate liquidity coverage. However, the related revenue uplift has been offset by the impact of lower US interest rates and higher funding costs. Operating expenses were up US$7.6 million or 7 per cent from the same quarter last year, primarily due to higher non-credit losses and investment in key strategic initiatives. Provision for credit losses of US$21.3 million was elevated this quarter due to higher provisions on impaired debt securities.”
In a separate notice on the website of the Trinidad and Tobago Stock Exchange, CIBC Caribbean said it would pay a dividend of US$0.0125 on October 16 to those shareholders on its register on September 18.
