First Citizens records $683m profit for 9-month period ending June 30

First Citizens Bank's profit before tax for the nine-month period ending June 30 rose to $683.3 million, it announced in unaudited financial report dated July 26.

The profit to June 30, 2020 was $654.4 million.

After tax, the profit was $487.4 million, when compared to the same period last year, chairman Anthony Isidore Smart said in his statement.

“Profit after tax for the nine-month period amounted to $487.4 million, which represented an increase of 4.4 per cent when compared to June 2020, but represents a decline relative to pre-covid19 levels when compared to profit after tax $553.4 million at June 2019," he said.

“The increase of 2021 relative to 2020 is substantially due to a reduction in impairment expenses along with focus on controlling our operating expenses, despite increased costs with enhanced covid19 protection measures.”

The 2021 third quarter before-tax profit was 243.5 million, compared to $75.1 million for the same period in 2020.

Smart said the group’s total assets decreased by 1.3 per cent, $46.8 billion, when compared to September 2020.

Additionally, First Citizens also increased earnings per share by nine cents, now making it $1.93, for the nine-month period ended June 30.

Smart said this was a creditable performance within the covid19 context and “the board has declared an interim dividend of 37 cents per ordinary share. Dividends will be paid on August 27, 2021, to all shareholders on record as at August 12, 2021.”

He added that the group continued to play its part in maintaining stability and partnering with stakeholders to mitigate the impact of the covid19 pandemic in communities and the environment.

Vaccinations, Smart said, provided the impetus needed foster a safer environment for customers and staff, and the group was actively encouraging vaccination drives and adherence to the covid19 protocols.

First Citizens and its subsidiaries provide retail, commercial and corporate banking services and operate in TT and the Eastern Caribbean region.

The bank is a subsidiary of First Citizens Holdings Ltd and has a 64.43 per cent controlling interest, while the rest is controlled by the government.

In 1993, the Workers (1989) Bank Ltd, the National Commercial Bank of TT and Trinidad Co-operative Bank Ltd were transferred to the bank, which was wholly owned by the government.

In June 2021, the bank’s shareholders approved corporate restructuring of First Citizens Group to Group Holding Company to hold all subsidiaries including the bank.

With the new adjustment, it said, the bank’s shareholders will become shareholders of the new group holding company, with the same percentage shareholding they hold with the bank currently.