For the six month period ended March 31, the First Citizens Group achieved a before tax profit of $388.7 million.According to interim results published yesterday, this represents $40 million or 11.5 per cent growth over the $348.7 million earned in the corresponding period last year.Chairman Nyree Alfonso said the profit was achieved "notwithstanding challenging local and regional conditions". She said the after tax profit was $306.4 million.
In her report on the bank's unaudited financial statements, Alfonso said: "Over the last six month total assets increased by approximately 6 per cent to $36.1 billion as compared to $34 billion as at September 2012 and total shareholders' equity grew by approximately 5 per cent to just over $5 billion."She said the group's achievements in the region include the continued integration of Butterfield Bank (Barbados) Limited, which has been rebranded as First Citizens Bank (Barbados) Limted, as well as greater market penetration in Costa Rica.In addition, First Citizens was named Bank of the Year by The Banker Magazine and global ratings agencies Standard and Poor's and Moody's re-affirmed the bank's investment grade ratings.Alfonso said: "These are notable achievements especially given the current global and regional economic climate."