First Citizens records $592.7m profit at the end of Q2

Business

An Hour Ago

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 TT 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 was $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.