The First Citizens Group has recorded a profit before tax of $220.9 million for the quarter ended 31 March 2022.
This brought the group’s year-to-date profit before tax for the six-month period to $469.3 million.
Profit after tax for the six-month period amounted to $335.2 million which represents an 8.8% increase when compared to the corresponding period to March 2021.
First Citizens Chairman Anthony Smart said the performance “is a positive demonstration of the Group’s efforts to recover to pre-Covid-19 pandemic performance levels.”
Smart said, “Our performance continues its upward trend since 2020 and is in alignment with economic recovery both domestically and globally. The Group remains cautiously optimistic on future growth. While Consumer lending remains muted, Commercial lending is trending upwards, arising from the significant relaxation of Covid-19 restrictions and the corresponding increase in business activity. This is a timely relief for our economy, as sluggish employment conditions and increasing imported inflation, would have slowed the rate of consumer lending. Globally, the conflict between Russia and Ukraine has resulted in higher energy prices and exacerbated supply chain disruptions.”
Smart said the group would monitor these conditions and its impact on operations.
He said,”First Citizens continues to strategically focus on keeping our operations safe, stable and competitive. Our digital transformation strategy will provide us with improved operational efficiencies through automation and frictionless workflows and enhanced capability to deliver new digital products and services. As we drive for growth and shareholder value creation via the strategic pillar of diversification, we will continue to actively progress all options to expand our core banking business into potential new markets and territories.”
