“FCIB earns US$170.5m profit”


FirstCaribbean International Bank has recorded a US$170.5 million profit despite challenges in the region and abroad.

Chairman David Ritch reported on the performance in the company’s 2019 annual report and said last year’s net income was a 69 per cent improvement over the US$100.8 million profit earned in 2018.

“Despite all the challenges outlined above, prudent management of the bank has meant that 2019 has been a good year for CIBC FirstCaribbean,” he said.

Ritch said the performance “and demonstrates a significant commitment by management and staff to deliver on our articulated management priority of growth”.

“Against that background, therefore, I am happy to report that, based on our earnings per share of 10.5 cents, your Board has fixed a total dividend of 0.05 cents per share,” he reported.

The chairman added: “Two-thousand and nineteen saw the Bank continuing to realise its strategy of providing its clients with a modern banking experience.

“While continuing to roll out improvements to its physical plant to create the kind of spaces that will be conducive to a productive sales environment, the bank also significantly improved its suite of digital products that will allow clients to do their banking anywhere they choose and at any time they choose.”

He also pointed to “improvements to our highly acclaimed mobile banking app and online-banking site which are at the heart of the digital banking environment in which we now operate”.

“Our concentration on putting our clients first, coupled with top class service, has been paying off for our client facing teams, with our retail and business banking business recording US$403 million in loan originations and our corporate banking team breaking last year’s origination record with originated loans totalling US$940 million,” said Ritch.

“I am pleased to report that our wealth management business had its best year in history with a record-breaking revenue contribution in excess of US$100 million. This success shows the power of working as a team across our bank to anticipate and be responsive to the needs of our clients, through consistently refining our offering to them and striving for excellence at all times.” (SC)