FIRSTCARIBBEAN INTERNATIONAL Bank Jamaica reported consolidated net income after taxation of $149.4 million for the quarter ended January 31, 2006, compared to $41 million for the similar period in the prior year.
"The increase of $108.4 million, or 264.2 per cent, was driven by the growth in our core businesses," said chairman Michael K. Mansoor in his statement for three months ended January 31.
INCREASE
Total revenue was $630.8 million, reflecting an increase of $151.2 million, or 31.5 per cent over the comparable period in the previous year, and was mainly attributable to the growth in the loan portfolio. Non-interest income increased year over year by $38.3 million, or 31.2 per cent, primarily as a result of their efforts to boost fee income.
Non-interest expenses for the first quarter ended January 31, amounted to $394.4 million, a decrease of $28.6 million or 6.8 per cent. The decrease was due to adjustments in the current period for over accruals in the prior year, as well as the successful implementation of cost containment measures.
EARNINGS
Annualised return on stockholders' equity was 19.1 per cent for the quarter, compared to 6.3 per cent for the preceding year; earnings per share were 77 cents, compared to 21 cents for the three months ended January 31, 2005.
Total assets stood at $24.1 billion as at January 31, compared to $20.4 billion as at January 31, 2005. The loan portfolio continues to experience above-market growth rates with a twelve-month loan growth of $6.5 billion or 70.2 per cent. Non-performing loans amounted to $272.8 million, or 1.7 per cent of total loans, compared to $223.1 million (2.3 per cent of total loans) as at January 31, 2005, indicating further improvement in the quality of their loan portfolio. Customers' deposits grew by $3.3 billion, or 10 per cent, to $20.5 billion over the same period.
