May 2016 Financial News

3-month profit of $153.5 m for First Citizens

May 16, 2016

The First Citizens Group has concluded a profitable quarter ended March 31 with profit after tax of $153.5 million. The banking group’s unaudited financial statements for the six months ended March 31 shows year to date profit of $333.4 million—an increase of 2.4 per cent over the corresponding period in 2015.

Total assets stood at $37.9 billion, representing growth of 1 per cent.

Chairman Anthony Smart, in his report to shareholders, said customer deposits increased by 13.5 per cent to $29.2 billion and along with the group’s strong capital base “has positioned First Citizens for future lending in the domestic market and within the region.”

He said: “Additionally, in February 2016, First Citizens repaid our US$175 million international fixed rate bond, which resulted in an improved efficiency in our treasury operations. We will continue to focus on treasury management and cost containment strategies for the rest of this year.”

For the six-month period, First Citizens earning per share increased by 3 cent to $1.33. The board has declared an interim dividend of 56 cents per ordinary share, which is an increase over the interim dividend of 58 cent paid in 2015.

Smart said: “We continue to monitor very closely the current environment and the resulting impact on economic activities. Notwithstanding, First Citizens will continue to focus on strengthening its balance sheet and measures to improve its efficient and diversification of its product lines.”

Source:
Trinidad Guardian
Monday May 16, 2016

http://www.guardian.co.tt/business/2016-05-16/3-month-profit-1535-m-first-citizens