The Trinidad economy may still be under stress with some companies reporting lower profits but not First Citizens Bank.
Profit before taxation rose 17 percent in the March quarter, to TT$264 million from $225 million in 2017. For the nine months to March, profit also climbed 17 percent to $553 million from $473 million in 2017. After an increase in the tax rate profit after tax is up just 5.6 percent to $367 million for the six months to March and was flat at $164 million for the quarter with $163 million generated in the 2107 quarter.
Net interest income rose 13.75 percent for the quarter, to $397 million from $389 million and rose 13 percent for the half year to $781 million, other income was almost flat at $140 million compared to $141 million in 2017 for the quarter, but rose 7 percent for the year to date, to $341 million from $320 million in 2017 as interest income rose faster than expenses.
Administrative and Other expenses were kept under raps and rose just 3 percent in the quarter and six months period to $272 million and $531 million respectively.
Earnings per share came out at 65 cents for the quarter and $1.45 for the six months and should end the fiscal year around $3. The stock last traded at $35 on the Trinidad and Tobago Stock Exchange with a PE ratio of 12 times 2018 earnings.
At the end of March, shareholders’ equity stood at $6.76 billion with loans advanced to customers moving up nearly 14 percent from $13.9 billion to $15.8 billion.
The company declared a dividend of 44 cents, bringing the payment for the half year to 80 cents versus 69 cents to 2017. Net asset value is TT$26.89 with the stock selling at just 1.3 times book value.
Profit grows at First Citizens
May 20, 2018 by