FCB earnings rise 6.4% for nine months | Local company

MAJORITY, the Crown corporation First Citizens, yesterday reported after-tax earnings of $518.57 million for the nine months ended June 30, 2022, an improvement of 6.4% from $487.42 million. dollars the company earned during the same period in 2021.

The commercial bank, headquartered in Port of Spain, saw a 3.93% drop in net interest income, which fell to $1.08 billion for the period from October 1, 2021 to June 30. 2022, compared to $1.13 billion the previous year.

First Citizens reported a 2.90% decline in total net income, which fell to $1.57 billion for the nine months ended June 30, 2022, from $1.61 billion a year earlier.

In terms of credit impairment, the financial institution reversed $56.56 million in the 2022 period, compared to a loss of $63.72 million for the first nine months of its 2021 fiscal year.

This means First Citizens’ operating profit was $701.10 million in the current nine-month period, 4.92% higher than the $668.20 million the company declared for the same period in 2021.

The bank’s pre-tax profit was $518.57 million for the nine months ended June 30, 2022, up 5% from the $683.32 million it earned for the same period in 2021.

First Citizens’ total assets for the period were $45.73 billion in 2022, down 2.36% from $46.83 billion in 2021. The listed bank’s customer loans rose 0.87% to $16.42 billion for the first nine months of 2022.

Customer deposits and other financing instruments at the bank decreased by 2.16% to $32.28 billion for the first nine months of 2022, compared to $32.99 billion for the same period in 2021.

First Citizens chairman Anthony Smart, in his report accompanying the nine-month report, said the company’s earnings per share increased to $2.05 for the period.

“As a result, the Board of Directors declared an interim dividend of $0.40 per common share. This dividend will be paid on September 13, 2022 to all shareholders of record as of August 30, 2022,” Smart said.

“Once paid, this payment will bring the total interim dividend payment for fiscal 2022 to $1.14 per common share, compared to $1.01 for a similar period in 2021. This represents a year-over-year increase. another of 12.87% of the dividends. to our valued shareholders.

The bank’s statement of its financial results for the nine-month period came a week after the government closed its supplementary public offering (APO) of 10,869,565 First Citizens shares. Finance Minister Colm Imbert said APO had attracted around 1,500 new individual investors to the bank.