Bahamas - FirstCaribbean International Bank
Bahamas - FirstCaribbean International Bank Bahamas - FirstCaribbean International Bank
FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITEDNotes to Consolidated Financial StatementsOctober 31, 2002(expressed in thousands of Bahamian dollars)14 Interest incomeFor theperiod endedOctober 31,2002$For theyear endedDecember 31,2001$Loans 38,276 48,190Securities 3,984 3,810Cash resources 16,388 49,73058,648 101,73015 Non-interest incomeFor theperiod endedOctober 31,2002$For theyear endedDecember 31,2001$Fees and commission 17,406 10,542Foreign exchange 3,939 4,60721,345 15,14916 Other operating expensesFor theperiod endedOctober 31,2002$For theyear endedDecember 31,2001$Staff costs 17,352 19,122Other operating expenses 7,426 12,767Property and equipment expenses 6,562 6,499Depreciation and amortisation 2,332 1,798Foreign exchange (gain)/loss on translation of pension asset (1,071) 42332,601 40,60967
FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITEDNotes to Consolidated Financial StatementsOctober 31, 2002(expressed in thousands of Bahamian dollars)17 Restructuring provisionOctober 31,2002$Charged to income statement during period 8,812Net asset adjustment on acquisition 1,397Utilised during period -Balance at October 31, 2002 10,209As a result of the merger, restructuring accruals in 2002 comprised of employee terminations costs of$8,561 and other third party costs of $1,648. The full amount of the costs estimated to be incurred hasbeen recognised as a restructuring provision in the current period and is expected tobe fully utilised during fiscal years 2003 and 2004.18 Pension obligationsThe Bank has several pension schemes, most of which are non-contributory, allow additional voluntarycontributions and are final salary defined benefit plans. The plans are valued by independent actuariesevery three years using the projected unit credit method.68
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FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITEDNotes to Consolidated Financial StatementsOctober 31, 2002(expressed in thousands of Bahamian dollars)14 Interest incomeFor theperiod endedOctober 31,2002$For theyear endedDecember 31,2001$Loans 38,276 48,190Securities 3,984 3,810Cash resources 16,388 49,73058,648 101,73015 Non-interest incomeFor theperiod endedOctober 31,2002$For theyear endedDecember 31,2001$Fees and commission 17,406 10,542Foreign exchange 3,939 4,60721,345 15,14916 Other operating expensesFor theperiod endedOctober 31,2002$For theyear endedDecember 31,2001$Staff costs 17,352 19,122Other operating expenses 7,426 12,767Property and equipment expenses 6,562 6,499Depreciation and amortisation 2,332 1,798Foreign exchange (gain)/loss on translation of pension asset (1,071) 42332,601 40,60967
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