Bank performs exceptionally despite COVID-19 impact

After registering a less than stellar performance in 2020 when it was impacted heavily by the COVID-19 pandemic conditions, CIBC FirstCaribbean International Bank’s Barbados operations have shown a dramatic turnaround for the 2021 financial year.

In just-released summarised consolidated financial statements for the year ended October 31, 2021, the island’s leading commercial bank recorded annual profit of $42.83 million, when compared to the $3.23 million loss of 2020. According to the audited financials, CIBC FirstCaribbean Barbados’ net interest income for the bank fell slightly from the $195.38 million generated in 2020 to $182.63 million last year.

The financial institution managed to reduce its operating expenses during the 2021 financial year, cutting it from $201.35 million to $196.66 million during 2021.

The financial statements which were signed by director Carl Lewis and managing director Donna Wellington, showed a significant increase in the net income from continuing operations, which rose from $14.14 million in 2020 to $56.16 million last year.

The total assets of the Barbados operations of CIBC FirstCaribbean International Bank stood at $6.94 billion.

The bank’s auditor Ernst & Young gave the institution a clean audit report.
(IMC1)