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.

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