FCIB losses at $317m
Reduced revenue and higher credit defaults have led to a $317.4 million loss for FirstCaribbean International Bank Ltd.
The negative financial outcome was reported yesterday in the bank’s consolidated financial statements for the year ended October 31, 2020.
It came as chief executive officer (CEO) Colette Delaney announced that the proposed sale of a majority 66.73 per cent share of the Barbados-based regional bank to GNB Financial Group Limited was still on, but awaiting regulatory approvals.
“For the fiscal year ending October 31, 2020, the bank reported a net loss of [$317.4 million]. After adjusting for a goodwill impairment item of [$349.2 million], net income for the year was $31.8 million,” Delaney said in her review of the year’s performance. (SC)
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