Barbados-based FirstCaribbean International Bank Ltd. posted net income of about $48.6 million for its fiscal third quarter ended July 31, up 28% from $38.0 million in the year-ago period.
On an adjusted basis, the company's net income hit $45.9 million after deducting $2.7 million in items related to the release of credit loss allowances for hurricanes in 2017.
Total revenue totaled $154.7 million, up from $146.3 million in the year-ago fiscal quarter.
Operating expenses, meanwhile, rose to $102.0 million from $94.5 million a year earlier, driven by higher volumes and interest margins. The company also posted $1.1 million in credit loss reversal on financial assets, compared to a recorded expense of $24.1 million a year ago.
Loans and advances to customers totaled about $6.13 billion at the end of the fiscal third quarter, up from $5.90 billion at the close of the year-ago period.
The company's Tier 1 and total capital ratios were 14.1% and 15.6%, respectively, at the end of the fiscal quarter.
