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First Citizens profits increase to $174.8 m
First Citizens Groups is confident of sustained growth and profitability for fiscal 2014 after recording an after tax profit of $174.8 million for the quarter ended December 31, 2013. In a report on the group’s latest unaudited financial statements, chairman Nyree Alfonso said profits increased by 3.9 per cent from the corresponding period in the previous year and there was year on year growth of 4.4 per cent with total assets of $36.2 billion as of December 2013.
“During the period, Standard and Poor’s completed their annual review and re-affirmed the investment grade rating of BBB+ for the institution,” Alfonso said. “The group’s first quarter performance was particularly noteworthy in light of current market conditions which continue to be marked by high liquiditty and low interest rates. “Given the early signs of economic recovery and the group’s ongoing focus on risk management, operational efficiency and stakeholder engagement, the directors and management remain confident of sustained growth and profitability for fiscal 2014,” she said.