(Jamaica Gleaner) CIBC First Caribbean Interna-tional Bank, which operates in Jamaica and throughout the region, recorded a net loss of US$110 million for the April second quarter, due to the impact of COVID-19 on its operations.
It’s the first big bank with Canadian connections to post a net loss. Scotiabank Caribbean made a profit of CDN$46 million for the quarter down, from CDN$171 million a year earlier; and RBC Bank also recorded a profit for its Caribbean segment, which also included its US operations.
“The quarter’s financial results were negatively affected by items of note, including US$100 million of provision for credit losses, a non-cash goodwill impairment charge of US $51 million and income tax credits of US$7.6 million,” FirstCaribbean CEO Colette Delaney said in a statement released with the financial report.
