First Citizens records $777 million in profit

FIRST Citizens Group Financial Holdings Ltd (FCB) recorded $777 million in profits after tax for the financial year ending September 30.

The group’s financial highlights, posted on its website, said the profits represent a 5.86 per cent increase in profits over 2022, when it earned $734 million.

FCB showed growth in its net revenue, earning $2.5 billion in 2023 as compared to $2.1 billion in 2022.

Operating profits showed increases as well, going from $896 million in 2022 to $1.04 billion in 2023.

Profit before tax increased by $15.93 per cent, from $923 million in 2022 to $1.07 billion in 2023.

Group chairman Anthony Isidore Smart said FCB’s accomplishments were reflected in a rating of BBB/A-3 with a stable outlook by Standard & Poor’s (S&P), one of the world’s largest credit ratings.

“I wish to express my sincere gratitude to the management and staff, customers, investors, shareholders, my fellow directors and all other stakeholders for their invaluable contribution toward the continuing growth and sustainability of the First Citizens Group,” Smart said.

In a separate release, FCB announced the appointment of Neela Moonilal-Kissoon to the position of group deputy CEO in operations and administration.

The release said Moonilal-Kissoon would succeed Sterling Frost, ORTT following his retirement on Boxing Day.

Moonilal-Kissoon holds a bachelor's degree in computing and information systems, an international master of business administration and is certified in information system auditing, risk and information systems control.

“She has over 20 years experience in the financial services industry and has served as part of the group’s senior management team for over 13 years,” the release said.

The group congratulated her on her appointment which is effective from December 27.