Buoyed by an increase in loans, the First Citizens Group has reported profit after tax for the nine-month period ended June 30, 2024 of $684.5 million. This represented a 15.5 per cent increase when compared to the corresponding period last year.
The group's total assets as at 30 June 2024, amounted to $46.4 billion, which was 4 per cent higher that for the same period in 2023. The bank's loans to customers increased to $21.17 billion for the period October 1, 2023 to June 30, 2024, which was 6.4 per cent higher than for the same period in 2023.
In its third quarter, the First Citizens Group generated profit before tax of $330.9 million, bringing the year-to-date profit before tax for the nine-month period to $933.2 million.
The bank's board declared a third interim dividend of $0.52 cents per ordinary share. When paid, this payment will bring the total interim dividend payment for financial year 2024 to $1.49 per ordinary share compared to $1.32 for the comparable period in 2023. This dividend will be paid on August 30, 2024 to all shareholders on record as at August 15, 2024.
When paid, the aggregate of the accumulated interim dividends represents a year-on-year increase of 12.9 per cent of year-to-date dividend payments to itsshareholders.
In his review of the nine-month performance, First Citizens Group chairman, Anthony Smart, said, "First Citizens’ continues to provide excellence through our products, solutions and services, coupled with our strategic drive to leverage technology.
"We are confident that we can achieve all key milestones towards our ultimate goal – adding value to all our stakeholders. Our strategies are supported by strong corporate principles and sound governance, ensuring steady growth and profitability.
"We are consistently recognized internationally on our approach to success. Most recently The Banker Magazine ranked the Bank #1 in Trinidad and Tobago for asset quality, liquidity, growth, operational efficiency, soundness and leverage."
