Bahamas eats up FCIB profits

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Substantial loan losses and an almost equal amount of “non-cash goodwill impairment” mainly related to its Bahamas operation have nullified another CIBC FirstCaribbean International Bank profit. The Barbados-based financial institution’s chief executive officer (CEO) Rik Parkhill has reported that it recorded a $352 million net loss for the first nine months of its current financial year. This …

Substantial loan losses and an almost equal amount of “non-cash goodwill impairment” mainly related to its Bahamas operation have nullified another CIBC FirstCaribbean International Bank profit. The Barbados-based financial institution’s chief executive officer (CEO) Rik Parkhill has reported that it recorded a $352 million net loss for the first nine months of its current financial year. This …

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