chairman: Nyree Alfonso

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First Citizens profit increases to $714.2m

State-owned banking group First Citizens has recorded a 3.7 per cent increase in its before-tax profit for the financial year ending September 2012.

"I am pleased to report another successful year," chairman Nyree Alfonso said in the bank's financial statements published yesterday.

She said she was optimistic about domestic economic growth in 2013.

The group's total assets grew by 9.2 per cent to $34 billion, as compared to $31.2 billion in 2011.

Pre-tax profits were $714.2 million, up from $688.6 million in 2011.

After-tax profits were $446.4 million, down from $718 million the year before.

The reduction over the previous year was consequent upon a change in the tax estimate for 2011, which resulted in an additional charge in 2012, the statement said.

Total shareholders' equity increased by approximately $603 million or 11.7 per cent to $5.7 billion.

Loans to customers increased from $8.8 billion in 2011 to $10.3 billion in 2012.

Total deposits and other finding instruments also increased from $22.7 billion in 2011 to nearly $25 billion in 2012.

During the last financial year, First Citizens acquired the Butterfield Bank in Barbados, now First Citizens Bank (Barbados), and also established a representative office in Costa Rica.

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