The First Citizens Bank and subsidiaries, part of First Citizens Holdings Ltd, has announced an after-tax profit of $667.3 million for the year up to September 30.
In its consolidated financial reports, the bank reported a $61 million increase in profits. For the same period in 2020, its after-tax profit was $606.7 million.
Total net revenue for 2021 was $2.14 billion, a decline of more than $93 million from last year, when revenue stood at $2.23 billion.
But owing to a reduction in credit impairment losses on loans, administrative and other expenses, the bank's operating profit was $881.1 million and with an additional $20.9 million coming out of joint ventures, it declared $902.01 million in profits before tax.
However, taxes of $234.7 million whittled the profits down to its final figure.