Feb 2015 Financial News

First Citizens records profitable first quarter

Feb 05, 2015

For the three months ended December 31, 2014, the First Citizens Group saw its after tax profit increase by 1.6 per cent to $177.7 million. Commenting on “another profitable first quarter” for the financial institution, executive chairman Anthony Smart said despite rising inflation First Citizens was able to maintain expenses, grow total income and achieve an increase in operating profit by $3.8 million.

In his report, part of the bank’s unaudited financial statements posted on the T&T Stock Exchange yesterday, Smart said total assets exceeded $37 billion at the end of the quarter. “This represents growth of 6.2 per cent over the three month period,” he said. “Most outstanding were our loan growth of 7.2 per cent ($0.8 billion) and investment growth of 10.5 per cent ($1.2 billion) for the period.”

Smart added: “The group’s first quarter performance was particularly noteworthy in light of current market conditions which continue to be marked by high liquidity and low interest rates.” He said the bank is closely monitoring developments and the resulting impact on government revenue and economic activity but is confident of continued growth and profitability for fiscal 2015.

Source:
Trinidad Guardian
Thursday February 5, 2015

http://www.guardian.co.tt/business/2015-02-05/first-citizens-records-profitable-first-quarter