First Citizens records 18% increase in profits

First Citizens Group Financial Holdings Ltd reported an increase in profits by over 18 per cent for the first quarter of the financial year, which ended on December 30, 2023, in its unaudited condensed consolidated financial statements published on Monday.

The profits came from a net revenue of $675 million, as compared to $570 for the same period last year. Profit before tax was $325.3 million, a $50 million or 18 per cent increase.

Profit after tax was $237 million, as compared to $199 million for the same period the year before.

Chairman Isidore Smart said in his report that the group's loan portfolio grew by $604 million, and investments also grew by $350 million.

"We continue to closely monitor the landscape of the global and regional economies and their potential effects on our communities," Smart said. "Our group remains committed to safeguarding all our shareholders' interests via prudent risk management alongside diversification and governance strategies."