Tag: First Citizens Group Financial Holdings Ltd

First Citizens Holdings reports $989.6 million in profits

FIRST CITIZENS Group Financial Holdings Ltd has reported a profit after tax of $989.6 million for the year ending September 30, an increase in profits for the same period last year, when it earned $956.9 million.

The financial figures come from a summary financial statement from the group for the period ending September 30, 2025.

The report said the group earned $2.1 billion in net income. It earned $2.46 billion in interest income but lost $359.9 million in interest expenses.

The group reported $54.4 million in impairment costs but got a credit impairment writeback on financial assets which contributed to the group reporting $1.3 billion in profit before taxes.

For the same period in 2024, the group earned $2.3 billion in interest income and incurred $290.5 million in interest expenses, resulting in a net income of $2 billion.

The group reported impairment costs valued at $13 million, but credit impairment writeback on financial assets was reported at $9.6 million. The impairment and the writeback contributed to a profit before tax of $1.2 billion.

First Citizens Group was one of the financial institutions that saw significant changes in its group for the year.

A new board of directors, led by Shankar Bidaisee, was elected for the group at special general meeting at the National Academy for the Performing Arts (NAPA) on October 8, replacing board members who had been at the group for more than ten years.

Deputy Group CEO Jason Julien was picked as Group CEO at the end of October.

Attorney is new First Citizens Holdings chairman

GOVERNMENT has identified attorney Shankar Bidaisee, the current chairman of the Urban Development Corporation of Trinidad and Tobago, as the new chairman of First Citizens Holdings Ltd.

The names of eight directors were finalised on August 26.

A statement from Finance Minister Davendranath Tancoo on August 27 said the minister “presented instruments of appointment to new members of the Board of Directors of the First Citizens Holdings Ltd.”

The release said Bidaisee, along with Prof Sterling Frost (deputy chairman), human resource team leader Crystelle Smith, insurance executive Prakash Dhanrajh, fast-food executive Sandy Roopchand, management executive Jo-Anne Boodoosingh, business executive Javan Lewis and business consultant Nichelle Granderson have been appointed by the finance minister.

Shareholders will have to elect the nominees by September 26 for the First Citizens Group Financial Holdings Ltd, the publicly listed company of First Citizens Holdings.

Frost previously served as deputy Group CEO of the bank and as a director on a subsidiary board.

On August 26, Tancoo said he was unable to disclose the names of the government’s nominees, saying he had to communicate with them first.

The First Citizens Group Financial Holdings Ltd, the parent company of First Citizens bank, is among publicly traded companies undergoing board changes following the April 28 general election and change in administration.

The development follows the early exit of Group Chief Executive Officer Karen Darbasie who went on approved vacation on August 21 ahead of her pre-retirement leave. Group deputy CEO Jason Julien, will act as Group CEO in Darbasie’s absence and assume the role upon her retirement, according to a notice to the TT Stock Exchange.

This is a developing story and would be updated as new information comes to hand.

First Citizens reports 23% increase in profits

FIRST Citizens Group Financial Holdings Ltd recorded a profit after tax of $957 million for the year ended September 30, 2024.

This represents an increase of 23.17 per cent from $777 million in the previous year.

In a newspaper ad on December 3, First Citizens chairman Anthony Smart said the group’s total assets stood at $47.1 billion, an increase of 4.84 per cent from $44.9 billion.

Loans to customers increased by over $1.1 billion or 5.37 per cent to $21.2 billion from $20.1 billion.

Earnings per share increased by 23 per cent from $3.08 to $3.79.

The directors, Smart said, have declared a final dividend of $0.88 per ordinary share for the final quarter payable on December 28 to all shareholders on record as at December 13.

This brings the total dividend for 2024 to $2.37 per share compared to $2 per share in 2023.

“This represents a year-on-year increase of 18.5 per cent in dividends to our valued shareholders,” Smart said.

He added that these accomplishments were further complemented in October when global credit rating Standard and Poor’s re-affirmed First Citizens Bank Ltd’s investment grade rating of BBB-/A-3 with a stable outlook.

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.”

First Citizens records $592.7m profit at end of Q2

First Citizens Group Financial Holdings Ltd (First Citizens) has recorded a profit after tax of $592.7 million for the nine months ended June 30.

This represents a 14.3 per cent increase when compared to net profit of $518.6 million in the corresponding period ended June 2022.

In its unaudited condensed consolidated financial statement – published on the Trinidad and Tobago T Stock Exchange website on Friday – First Citizens said it yielded a profit before tax of $314.6 million for Q2, which brought the year-to-date profit before tax for the nine-month period to $824.8 million.

The group’s total assets for Q2 were $44.6 billion, a slight decline of 1.8 per cent when compared to the previous corresponding period.

According to the release, the group’s loan portfolio grew from $18.9 billion in 2022 to $19.9 billion in 2023, representing a 5.3 per cent increase.

The earnings per share increased to $2.36 in 2023 compared to $2.06 in 2022. Accordingly, the board has declared a third interim dividend of 51 cents per ordinary share.

This dividend will be paid on September 1. When paid, this payment will bring the total interim dividend payment for this financial year to $1.32 per ordinary share compared to $1.14 in 2022.

This represents a year-on-year increase of 15.8 per cent in dividends to valued shareholders.

First Citizens chairman Anthony Isidore Smart – in the chairman’s report – said, “First Citizens remains committed to employing strategies that keep us competitive and add value to all our stakeholders.”

Smart said the group’s focused approach to deploy technology aims to provide its clientèle with top-class products, solutions and services.