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FirstCaribbean's fiscal Q1 profit drops 41% on DTA write-off

FirstCaribbean International Bank Ltd. posted net income of about $22.5 million for the fiscal first quarter ended Jan. 31, down 41% from $38.2 million in the year-ago period.

The results were impacted by a $21.9 million deferred tax asset write-off that was the result of a change in the corporation tax rate in Barbados. On an adjusted basis, the bank's fiscal first-quarter net income improved 16% from a year earlier to $44.4 million.

The company's net interest income reached $104.1 million, up from $100.5 million in the year-ago fiscal quarter.

Operating expenses, meanwhile, increased to $99.4 million from $94.2 million a year earlier due to higher salaries and investments in the bank's technology and systems. The company also booked $7.3 million in credit loss expenses on financial assets, up from $5.4 million a year ago.

Loans and advances to customers totaled about $5.92 billion at the end of the quarter, down from $6.33 billion at the close of the year-ago period. "We continue to see growth in our performing loans with 4% increase year over year after adjusting for the early repayment of a loan previously made to our major shareholder," CEO Colette Delaney said in a statement.

FirstCaribbean International Bank's Tier 1 and total capital ratios were 14.1% and 15.5%, respectively, at the end of the fiscal first quarter.