Trinidad’sFirst Citizens Bank reported profit of $773 million before taxation for the year to September compared to $745 million in 2013. Profit after tax, amounted to $627 million in 2014, up 2.9 percent over the profit of $609 million of 2013.
For the October 2014 quarter pre-tax profit rose 9 percent over 2013 to reach $180 million from $165 million but profit after tax for the quarter was virtually flat at $149 million versus $145 million in 2013. The information was included in an abridged version of the bank’s results for 2014.
Citizens had assets of $34.9 billion at the end of September marginally down from the $35 million at the end of June. Since June customer deposits fell from $26.5 billion to $25.7 billion. The bank did not report details on loans at September. At the end of June this year, there was no growth in this asset which stood at $13.75 billion, slightly down on the amount at September 2013 and is hardly likely to have changed much since with flat assets.
Earnings per share amounted to $2.50 for 2014. The stock remains on the Buy Rated list with earnings per share of $2.75 projected for 2015 and a target price in the around $45.
A final dividend of 61 cents per share payable in December was declared, and it brings the total for the year to $1.18, up from $1.09 per share paid as the final dividend for the 2013, the amount was paid in January 2014.
The dividend policy of the Citizens is to distribute to its ordinary shareholders funds surplus to the operating capital and strategic requirements of the Group, as determined by the Directors, with an annual target dividend pay-out percentage range of 45 to 55 percent of net profit after-tax.
The company was listed on the Trinidad and Tobago Stock Exchange in September 2013, after a successful public share issue.
First Citizens 2014 profit up slightly
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[…] would certainly want their shareholders to understand what is happening in their company. First Citizens Bank posted a big jump in earnings for the March quarter of this year, but there is not even one line […]
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[…] end at $64.57, a new 52 weeks’ high. Declines| The stocks declining at the end of trading are, First Citizens Bank traded 2,346 shares to close with the loss of 1 cent at $37.64 and Massy Holdings with a volume of […]
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[…] Clico Investment Fund traded 16,275 shares valued at $381,991 and declined by 4 cents to $23.45. First Citizens Bank traded 1,318 shares and lost 1 cents to close at $36.49, conversely, Massy Holdings traded 75 shares […]
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[…] changing hands, valued at $610,500. Declines| The stocks declining at the end of trading are, First Citizens Bank lost 40 cents while trading 19,120 shares valued at $688,417 to close at $36, Clico Investment Fund […]
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[…] trading are, Clico Investment Fund trading 2,670 shares and declined by 2 cents to end at $23.43. First Citizens Bank with 300,000 shares changing hands for a value of $10,918,605, lost 9 cents to close at $36.40, […]
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[…] and the Cross Listed Index remained at 41.57. Gains| Stocks increasing in price at the close are, First Citizens Bank trading 96 shares at $36.50, after gaining 1 cent. Prestige Holdings gained 3 cents to end at $9.60 […]
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[…] to end with a gain of 1 cent at $1.19. Declines| The stocks declining at the end of trading are, First Citizens Bank with 161,505 shares traded valued at $5,935,596, but the price lost 28 cents to end at $36.75, […]
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[…] on the Trinidad Stock Exchange started 2015 on a positive note with First Citizens Bank and West Indian Tobacco traded heavily. The market closed with 12 securities changing hands of which […]
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[…] while gaining 20 cents, Clico Investment Fund traded 250 shares and advanced by 2 cents to $23.04, First Citizens Bank traded 2,000 shares to close with a gain of 1 cent at $37.06, Jamaica Money Market Brokers with […]
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[…] Fund had 5,429 shares valued at $124,917 trading, and advanced by 1 cent to end at $23.01. First Citizens Bank added 4,194 shares valued at $155,275 to close at $37.03 with a gain of 1 cent, Jamaica Money Market […]
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[…] by a mere 0.01 points to end at 40.74. Gains| Stocks increasing in price at the close are, First Citizens Bank traded 3,250 shares to close with a gain of 2 cents at $37.02. Jamaica Money Market Brokers added 2 […]
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[…] end of trading are, ANSA McAL with 5,695 shares trading valued at $378,091 and closed at $66.39. First Citizens Bank contributed 5,467 shares with a value of $202,280 and ended at $37, Guardian Holdings traded 3,007 […]
[…] First Citizens dominated trading on the Trinidad and Tobago Stock Exchange on Wednesday, accounting for $7 million of trades. The market closed with 11 active securities and the price of 3 stocks rose, with one at a new high, 1 fell and 7 remained unchanged. At the close, activity ended with 488,982 shares changing hands valued at $10,645,968, the Composite Index ended with a fall of 0.11 points to 1,158.46, the All T&T Index declined 0.88 points to 1,948.54 and the Cross Listed Index gained 0.19 points to end at 48.46. IC bid-offer Indicator| At the end of trading the Investor’s Choice bid-offer indicator had 5 stocks with bids higher than the last selling price and 7 stocks with offers that were lower. Gains| First Citizens traded 199,910 units valued at $6,995,474 to close with a 2 cents gain ta $35, Grace Kennedy had 111,963 units valued at $447,852 changing hands at a 52 weeks’ high of $4, for a 38 cents gain and ended gaining of 1 cent, with 1,000 shares trading to close at $126.26. Declines| The sole stock trading is Trinidad Cement that lost 15 cents to end at $4 with 25,878 shares. Firm Trades| Clico Investments traded 44,900 shares valued at $1,021,532 to close at $22.75, JMMB Group traded 50,000 shares at 51 cents, National Commercial Bank traded 13,322 shares at $2.05, Republic Financial Holdings, the new entity holding shares in Republic Bank, ended with 10,658 shares valued at $1,192,534 changing hands at $111.89. Trinidad and Tobago NGL closed at $21 with 30,350 shares changing hands, valued at $637,350 and Unilever Caribbean ended with 1,000 shares trading at $68.49. […]