First Citizens lifts profit to $990m as assets surpass $49b

First Citizens Group ended its 2025 financial year with profit after tax of $989.6 million and total assets of $49.167 billion, according to its audited consolidated financial statements for the year ended September 30, 2025.

The board approved the release of the financial statements on December 4, and PricewaterhouseCoopers issued an unmodified audit opinion on December 8. The engagement partner was Sean Ramirez.

Profit before tax rose to $1.365 billion, up from $1.270 billion in 2024. Net interest income edged up to $2.101 billion, while fee and commission income increased to $552.9 million.

Higher other income also supported overall performance, bringing total net revenue to $2.875 billion.

Basic earnings per share were $3.93, based on a weighted average of 251.35 million ordinary shares.

The balance sheet continued to grow. Total loans before allowances climbed to $24.198 billion, with net loans at $23.780 billion after recognising a loan-loss allowance of $417.6 million.

Non-performing loans rose slightly to $776.6 million, compared with $746.2 million a year earlier.

Impairment expenses also increased, reaching $54.5 million, up from $13.7 million in 2024.

Customer deposits — the group’s main source of funding — rose to $30.895 billion. Shareholders’ equity increased to $9.131 billion, supported by the year’s profit and a positive $149.8 million movement in other comprehensive income, including an $86.6 million gain from a re-measurement of the group’s defined benefit plan and gains on equity instruments carried at fair value.

PwC identified one key audit matter: the valuation of expected credit losses on credit-impaired demand loans.

At year-end, these loans amounted to $647 million and carried an expected credit loss allowance of $128 million.

The auditor said this area involved significant judgement, including assessing collateral and estimating how much was likely to be recovered.

Across its business lines, the group delivered mixed results. Retail banking earned $447.1 million, corporate banking $635.4 million, treasury and investment banking $241.1 million, and trustee and asset management $38.3 million.

Group functions contributed $1.179 billion. Together, these units generated $2.917 billion in profit before tax. After eliminations and adjustments, consolidated profit after tax closed at $989.6 million.

Operating costs remained a major item. Administrative expenses totalled $854.9 million, while other operating expenses were $634.3 million.

Depreciation amounted to $102.1 million, and amortisation of intangible assets was $27.1 million.

Liquidity levels stayed solid. Cash and bank balances at year-end were $2.130 billion, and short-term investments totalled $2.695 billion. Cash and cash equivalents — after deducting amounts owed to other banks — stood at $1.959 billion.

The group also noted higher average interest rates on short-term deposits during the year. Statutory deposits with the Central Bank were $2.268 billion.

Investments accounted for using the equity method, including holdings in St Lucia Electricity Services Ltd, Term Finance Holdings Ltd and Infolink Services Ltd, totalled $285.2 million. The group’s share of profit from these associates and joint ventures was $28.6 million.

Dividends paid during the year amounted to $608.1 million. Activity related to treasury shares reduced the group’s recorded share capital from $458.6 million to $427.3 million, while retained earnings ended the year at $6.402 billion.

PwC’s opinion stated that the financial statements “present fairly, in all material respects, the financial position of the Group as at 30 September 2025.”

The results indicate higher earnings, steady growth in loans, strong liquidity and a firm capital position.