Securing Your Future Is Our Main Investment

Updated: 28-03-2024 - 12:00PM   8 6 CLOSED

Financial News

Apr 2015 Financial News

Growth in a depressed market (Barbados)

Apr 27, 2015

GROUP CEO, First Citizens, Karen Darbasie, has praised the performance of the bank in this challenging environment.

Speaking at the official launch of the First Citizens Welches Branch last week, she reported, in terms of the Group performance, “At the close of the financial year ending September 30th 2014, First Citizens achieved a before tax profit of $772.6 million, a 3.7 percent increase over the $744.7 million dollar profit the Bank recorded in 2013.

“The after – tax profit was $626.6 million. In addition, the Bank’s total assets amounted to $34.9 billion, and our capital base also increased by 4.7 per cent, from $5.96 billion in 2013 to $6.24 billion.

“Rest assured that our management and Staff are dedicated to maintaining and surpassing this level of financial performance, especially in an environment where other commercial banks are closing some of their branches and cutting jobs, we deliver our 6th Barbados Retail Branch.

“This shows our faith and commitment to Barbados, as well as our continuous desire to put our customers first.”

Darbasie highlighted, “I think we have seen very encouraging signs of the economy shifting gears. As the Minister of Finance stated, there is 16 weeks of import cover, which is a very welcome indication the country is starting to produce foreign exchange reserves.

“ We have seen two quarters of growth which is a welcomed sign... Take comfort in the fact we are committed to the Barbadian community. We are looking forward to doing more. and the timing of that more will be determined as we see how things develop.

“As First Citizens increases its presence in the Barbadian community, our intention is to continue on our momentum of building a solid reputation. We are confident that our presence will yield nothing less than a successful body between Barbados and the First Citizens Group.

We are here to support, build, facilitate, foster and partner. The focus is on you, because at First Citizens, we put you first”. (NB)

 

Source:
Barbados Advocate
Monday April 27, 2015

http://www.barbadosadvocate.com/newsitem.asp?more=business&NewsID=43036