First Citizens reports $330.9m profit

FIRST Citizens Group Financial Holdings Ltd (First Citizens) has reported a profit before tax of $330.9 million for the quarter ended June 30, carrying its before-tax profit for the nine-month period to $933.2 million.

The group’s profit after tax for the same period amounted to $684.5 million, representing a 15.5 per cent increase compared to the corresponding period last year.

The group released its unaudited financial statements for the quarter on August 6.

Group chairman Anthony Isidore Smart reported that the group’s total assets on June 30 were valued at $46.4 billion – an increase of 3.7 per cent compared to September 30, 2023.

“Over the nine-month period to June 30, 2024, our loans to customers grew by $1.1 billion or 5.4 per cent to $21.2 billion whereas our investment portfolio grew by $0.5 billion or 4.1 per cent to $12.8 billion.

“Our earning per share increased to $2.71, up from $2.36 for the comparable period in 2023.”

The group therefore declared a third interim dividend of 52 cents per ordinary share.

The interim dividend will be paid on August 30 to shareholders on record on August 15, bringing the total interim dividend payment for the financial year to $1.49 per ordinary share, compared to $1.32 for the same period in 2023.

“First Citizens continues to provide excellence through our products, solutions and services, coupled with our strategic drive to leverage technology. We are confident that we can achieve all key milestones towards our ultimate goal – adding value to all our stakeholders,” Smart wrote in the chairman’s report.

“Our strategies are supported by strong corporate principles and sound governance, ensuring steady growth and profitability.

“We are consistently recognised internationally on our approach to success,” he said, highlighting the bank’s ranking from The Banker (periodical), which named First Citizens the number-one bank in Trinidad and Tobago for asset quality, growth, operational efficiency, soundness and leverage.