S&P confirms First Citizens rating

STANDARDS & Poor's (S&P) has reaffirmed the First Citizens Group's BBB/Stable/A-2 rating. The bank, in a press release on Monday, said the rating was a clear reflection of the group’s sound position in governance, corporate banking and solid operation revenue, coupled with excellent capitalisation ratios, as highlighted in the report.

The S&P report said: “The ratings on FCBL reflect its steady market position as the second largest bank in TT’s banking system in terms of loans and deposits and its well-established footprint in the corporate banking business. However, the bank has been focusing on expanding its retail presence in the past two years, which is accelerating credit growth.”

On prospects for the bank, it said: “The stable outlook on First Citizens Bank Ltd (FCBL) for the next two years reflects our expectation that it will maintain its current market position and satisfactory operating performance, reflected in steady profitability metrics and manageable asset quality metrics.”

Group CEO Karen Darbasie said the affirmation by S&P was a testament to the sound governance and risk-management policies, consistent hard work and commitment exhibited by group’s key stakeholders including the board, management and staff."