CIBC Caribbean income increases by 3%

CIBC Caribbean Bank Ltd has reported a net income of $277.5 million for the period ended October 31.

This represents a $7.6 million or three per cent increase from the previous year's net income of $269.9 million.

In its consolidated financial statements, published on the TT Stock Exchange website, CIBC Caribbean said this year’s record financial performance has been positively impacted by solid performing loan growth, higher US interest margins and a favourable provision for credit losses.

The adjusted net income for this year was $285.2 million, after excluding net expenses of $7.7 million related to the previously announced divestitures, compared with adjusted net income of $267 million at the end of 2023.

"2024 marked the completion of a significant transformation programme which involved the rationalisation and consolidation of business lines and markets along with large investments in its technology platforms to enhance client experience and improve operational effectiveness," the bank said. "This culminated in our rebrand to CIBC Caribbean, and although we now operate across a smaller geographical footprint, we are a bigger bank with the largest loan portfolio and highest number of customers in our history."

The bank, headquartered in Barbados, said its revenue performed well year-over-year as loan originations increased and it benefited from a sustained uplift in other income.

In his CEO review, Mark St Hill said, "The bank delivered another strong performance for the fiscal year as we continued to execute our client-focused strategy by leveraging our digital infrastructure, deepening client relationships, investing in our people while enabling, simplifying and protecting the bank. Our strategic investments are creating a strong foundation for future growth and optimisation of resources across our various strategic business segments."

The bank's board of directors have approved a quarterly dividend of $0.01 per share, bringing the total dividend to $0.05 per share for the year, demonstrating its strong financial position and commitment to shareholder return. The dividend will be paid on January 17, 2025.