CIBC FirstCaribbean has announced an improved performance in its Bahamas business for the first quarter of the current financial year.

For the period ended 31st January 2015, the bank recorded net income of $13.5 million, an increase of $5.4 million, when compared with last year.

This performance mirrors that of the CIBC FirstCaribbean group, which recorded its best quarterly financial performance in four years over the same period. For the three months ended January 31, 2015, the group recorded net income of $26.6 million, which is its best performance since 2010.

Managing Director for CIBC FirstCaribbean in The Bahamas, Marie Rodland-Allen, attributed the improved performance to lower loan loss impairment expenses and lower operating expenses, which she added more than off-set lower revenues.

Mrs. Rodland-Allen added that, “Even though total revenue was down $5.3 million year-over-year due to lower loan earnings and lower gains from investment security sales, loan loss impairment expenses were also down significantly by $9.7 million compared to the prior year.”

She also added that operating expenses were down by $1.1 million compared to the same period last year, as the bank continues to benefit from expense control initiatives and savings from the ongoing restructuring program.

Mrs. Rodland-Allen said that despite the continuing challenges facing the bank given the economic environment, the bank intends to focus on delivering consistent, sustainable results through deepening its relationship with its customers.

CIBC FirstCaribbean’s Tier 1 and Total Capital ratios remain strong at 28.8 percent and 29.1 percent, which are well in excess of applicable regulatory requirements.