The First Citizens Group has enjoyed a profitable third quarter where it yielded a profit before tax of $248.5 million.
In the group’s unaudited financial report for the period ending June 30, 2022 Chairman Anthony Smart said this brought the group’s year-to-date profit before tax for the nine-month period to $717.8 million while the profit after tax for the current nine-month period amounted to $518.6 million.
This, he explained, represented an increase of 6.4 per cent when compared to the corresponding nine-month period to June 2021.
However, he noted at June 30, 2022 the group’s total assets stood at $45.7 billion, a minor decrease of 1.9 per cent when compared to September 2021.
Smart said, “First Citizens remains committed to building on our foundation of stability and competitiveness with a focus on our strategies to take our core business forward to pre COVID-19 performance levels.”
Also in June 2022, First Citizens launched an Additional Public Offering (APO) of 10,869,565 of its shares which were owned by the Government.
Finance Minister Colm Imbert had said the shares were sold at $50 per share.
The minister also stated the public offering has been oversubscribed by $100 million.