Modest profit rise at First Citizens

Profit before tax at the Trinidad and Tobago based First Citizens group rose 7.2 percent to TT$876 million, the year to September 2017 over the similar period to 2016.
Profit after tax profits rose just $5 million to $642 million, with a hike in profit tax to 30 percent from 25 percent in 2016. The Group’s benefited from improved efficiency and growth in Investments and loans to customers. Citizens ended with a modest increase in earnings per share of $2.54 compared to $2.52 in 2016.
Investments grew 4.9 percent to $13.6 billion from $12.97 billion at the end of the 2016 fiscal year while loans and advances, rose 7.4 percent to $16.52 billion from $15.38 billion, resulted in an increase in the net interest margin of $135 million or 10.5 percent. Customer Deposits declined to $23.98 billion from $25 billion in 2016, while shareholders’ equity climbed to $6.75 billion from $6.68 billion
Board of Directors declared a final dividend of $0.71 per share, bringing the total dividend for the fiscal year to $1.40 per share, compared to $1.33 for 2016. The final dividend will be paid on December 29, 2017, to all shareholders on record as at December 20.
First Citizens traded at $32 on the Trinidad and Tobago Stock Exchange on Thursday for a PE of 12.6.

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