First Citizens Group is reporting $203.4 million in profit after tax for the three-month period ended December 31, 2017.
This represents a 9.8 per cent increase when compared to the corresponding period in 2016.
The Group closed the quarter with $375.6 million in revenue as compared to $334.9 million which was recorded in December 2016.
The Group’s total assets also grew by 1.7 per cent, moving from $39.4 billion in December 2016 to $39.6 billion in December 2017.
Commenting on the Group’s first quarter results, chairman Anthony Smart said, “the group’s performance was due mainly to the growth in loans of $1.1 billion and investments of $0.4 billion.
“Additionally, the group was also able to maintain its expenses for the quarter as evidenced by the improved efficiency for the first quarter, compared with the comparative period ended December 2016.”
Noting his concern about First Citizens external environment, Smart said the bank continues to monitor not only T&T’s domestic circumstances, but the other regional economies within which the Group has a presence.
“We continue to monitor very closely the current local and regional economies in which we operate. We will maintain our focus on strengthening our balance sheet, continued application of prudent risk management policies and adopt measures to continue improving our efficiency and diversifying our product lines.” Smart said.