FirstCaribbean International Bank Limited's net income of $34.3 million for the second quarter of the fiscal year is up by US$8.7 million or 34 per cent from the $25.6 million recorded a year ago.
The bank's financial results for the six months ended April 30, which have been posted on the T&T Stock Exchange, show net income of US$73 million, up US$20.8 million or 40 per cent. FirstCaribbean CEO Gary Brown described this as a significant improvement on last year's performance with net income of US$52.2 million.
Brown said: "Total revenue was US$270.2 million, up US$13.5 million or five per cent compared with the same period last year primarily due to lower funding costs and higher non-interest income.
"The bank's productive loan growth has been encouraging across both retail and wholesale banking segments, however regional economies have been slow to recover as reflected by generally low credit demand and uneven investment activity. Sustained, profitable growth continues to be a key priority for the bank."
The bank's operating expenses of US$180.1 million were up US$7.8 million or five per cent from the same period in 2015 primarily due to higher business taxes and project related spend.
"We continue to benefit from discretionary expense control and ongoing savings from the restructuring programme initiated in 2014, but also continue to invest in our franchise through project related spend," Brown said.
"Loan loss impairment expense was down significantly by US$19.8 million or 72 per cent compared with the same period in the prior year. An improved loss experience and enhanced loan recovery activity underline the lower loan losses."