Tools

First Citizens posts $477.6m profit

 State banking group First Citizens has posted an after tax profit of $477.6 million for its nine-month financial period ended June 2014.

This was an increase of 2.9 per cent or $13.5 million over the same period last year, chairman Anthony Smart said in the bank’s unaudited financial statements sent to the Stock Exchange.

“The Group’s nine-month performance was particularly noteworthy in light of current market conditions which continue to be marked by high liquidity, reduced credit demand and low interest rates,” he said. 

A deliberate strategy of derisking its investment portfolio as well as a “lack of investment instruments” caused First Citizens asset base to decrease 2.1 per cent to $35 billion, the statement said.

During the period the Group also settled high cost, long term bonds totalling $1 billion and will soon be issuing a $500 million seven-year fixed rate bond which will boost the sustainability of the bank’s Treasury operations, Smart said.

Let us know your thoughts
This content requires the latest Adobe Flash Player and a browser with JavaScript enabled. Click here for a free download of the latest Adobe Flash Player.

Express Poll

Do you agree with CoP Stephen Williams that there isn't enough evidence to charge either the doctor or the patient involved in the cocaine surgery incident?

  • Yes
  • No

Weather

More Weather