May 2017 Financial News

FCB six-month profits up 4.3%

May 04, 2017

First Citizens Bank has recorded an after tax profit of $347.8 million for the first six months of its financial year ended March 31, 2017.

This figure represents a 4.3 per cent increase compared to the same period in 2016.

The banking group experienced a 12 per cent increase in its net interest income, which jumped to $693.6 million in 2017 from $619.6 million in the comparable period in the previous year.

The group’s total assets stood at $38.9 billion as at March 31, 2017, a 2.9 per cent increase year on year.

Commenting on the local economic climate, group chairman Anthony Smart said: “We continue to closely monitor the current environment and the resulting impact on economic activities. First Citizens will maintain its focus on strenghtening its balance sheet, and adopt measures to improve its efficiency and diversification of its product lines”

The group also saw increases in Investments of $722.5 million (up 4.8 per cent) and Loans of $563.2 million (up 4.2 per cent) for the first six months.

The FCB board declared an interim dividend of $0.69 per share, $0.03 higher when compared to the interim dividend in 2016.

Only last week, it was announced that the government’s additional public offer (APO) of shares in First Citizens was undersubscribed by close to $500 million. The APO was expected to raise $1.5 billion, but only received subscriptions totaling $1.025 billion.

Source:
Trinidad Guardian
Thursday May 4, 2017

http://www.guardian.co.tt/business/2017-05-03/fcb-six-month-profits-43