Monday, January 22, 2018

More staff, but lower expenses*

First Citizens reaps benefits


DESPITE an increase in staff during its last financial year, First Citizens bank lowered its staff expenses by eight per cent compared to the year before.
At $659 million, administrative expenses, which include salaries, remained the single largest line item on First Citizens consolidated income statement, higher than the bank’s $642 million after-tax profit for the year ended September 30. However, according to note 32 to the bank’s consolidated financial statements released on the Trinidad and Tobago Stock Exchange (TTSE) December 21, staff expenses declined from $514 million in fiscal 2016 (October 1, 2015-September 30, 2016) to $472 million in fiscal 2017.

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