First Citizens nets $300m profit

State bank First Citizens recorded a massive $288.8 million profit for the first quarter ended December 31, a 16.6 per cent increase over the $247.6 million it made during the same period the year before. Profit after tax was $203.4 million, up from $185.2 million.

Chairman Anthony Smart, in a statement published yesterday in the press, attributed the boost to increased lending and investments. Smart added that the group was monitoring “very closely” the local and regional economy.

The bank has declared a dividend payment of 36 cents per share, which will be paid on February 28 to shareholders on record as at February 16.

Despite a prolonged economic recession, local banks have been thriving. On Wednesday, RBC TT posted a $191 million profit for the year ended October 31, 2017, and Republic Financial Holdings recorded a first-quarter profit of $340 million.