Home' Trinidad and Tobago Guardian : December 12th 2016 Contents A16 business
guardian.co.tt Monday, December 12, 2016
Net income of
The 46 per cent increase in
net income recorded by First-
Caribbean International Bank
for the year ended October 31,
is a significant improvement,
CEO Gary Brown said in a re-
port to shareholders. The net
income of $143.3 million, up
$45.4 million from the $97.9
million earned in the previous
"Lower loan loss impairment ex-
pense contributed significantly to
this result, as the bank benefited
from increased loan recoveries
and an improved loss experience.
Growth in our core revenue was
also a highlight for the year," Brown
He added that although there
was a slow pace of economic re-
covery and uneven investment
activity across the Caribbean, the
bank's productive loans grew five
per cent over 2015, while non-per-
forming loans declined by 28 per
cent, "reflecting the bank's priority
to grow its business with a sound
risk management focus."
FirstCaribbean's retail and
wholesale banking segments pro-
duced loan growth of four per cent
and six per cent respectively.
Brown said: "Revenue of $533.8
million was up $11.4 million or two
per cent against prior year's rev-
"Interest margin pressure still
persists in a low LIBOR rate en-
vironment with the pace of uplift
slower than expected.
"Demand for credit is better than
last year, but is generally expect-
ed to follow the lagging economic
conditions in most jurisdictions."
The bank's operating expenses of
$357.4 million were down by $12.7
million or three per cent from the
$370.1 million recorded in 2015.
Brown said this was affected by re-
structuring related costs, incuding
the sale of FirstCaribbean's Belize
"The bank is committed to
discretionary expense control
and strives to maintain a balance
between the investment in its
network, products and people.
However, the impact of higher
business taxes imposed by various
jurisdictions coupled with higher
operating costs continues to hurt
operating results," Brown said.
"Loan loss impairment expense
was significantly lower by $24.2
million compared with the prior
period's expense of $41.5 million.
Additionally, non-productive loan
balances reduced by $161.6 million
to $418.4 million compared with
the same period last year.
"Significant effort has been
placed on strengthening cred-
itquality within our total loan
He said while the economic out-
look for the Caribbean remains
modest, FirstCaribbean is well
positioned for sustainable growth
and improved shareholder returns.
In a move to shape and align the
strategic ICT agenda in the region,
the Caribbean Telecommunications
Union(CTU)brought several region-
al ICT stakeholders together at the
Hyatt Regency Hotel, Port of Spain,
Trinidad on December 5 and 6.
In attendance were senior officials
representing governments, regulators,
CANTO, Caricom, network operators
and other ICT stakeholders.
Topics discussed included roaming
charges, Over the Top (OTT) providers,
net neutrality, number portability and
incentivising broadband development
in the region.
One highlight of the meeting was the
establishment of a new Caribbean ICT
Collaboration Committee with a man-
date to make recommendations to Car-
ibbean governments on key ICT issues
affecting the region.
Chairman of the newly formed com-
mittee, Lucien Blackmoore, Permanent
Secretary in the Ministry of Information,
Science and Technology, Dominica, gave
his commitment to this collaborative ap-
proach and looked forward to working
with all the stakeholders to enable ICT
development in the region.
Vice chairman of the Caribbean ICT
Collaboration Committee and CANTO
chairman, Julian Wilkins commended
the CTU on the establishment of this
initiative. He added that CANTO was
delighted to be part of this historic event
and he looks forward to collaborating and
cooperating with ICT stakeholders.
He concluded that this is a great op-
portunity to make progress on a number
of key ICT issues affecting the Carib-
CANTO is recognised as the leading
trade association of the ICT sector for
shaping information and communica-
tion in the Caribbean. Founded in 1985 as
a non-profit association of 8 telephone
operating companies, CANTO has now
grown to over 120 members in more
than 31 countries. A board of directors
appointed by the membership directs
policy of the association. This strategy
is executed by the staff of a permanent
secretariat based in Trinidad and Tobago.
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