First Citizens recorded $18.9 billion in total loans last year, according to Group Chief Executive Officer Karen Darbasie.
Darbasie made the statement in her Group CEO report published in the 2022 annual report for the First Citizens Group Financial Holdings Ltd and its Subsidiaries which was posted recently on the T&T Stock Exchange.
“As a result of our considerable team efforts, we were able to grow our Loan portfolio by $804 million or 4.4 per cent to $18.9 billion,” Darbasie stated.
In terms of value, this was the second-highest recorded by First Citizens in at least the last ten years according to the annual report.
“The reduction in Investment Securities was largely driven from a conscious strategy to reduce the Group’s exposure to interest rate volatility in the face of rapidly rising interest rates in international financial markets. Our subsidiaries also performed credibly this year. Significant contributions to PBT were achieved by First Citizens Investment Services (FCIS) Group ($185.8 million), First Citizens Trustee Services ($35.5 million), First Citizens Depository Services ($20.3 million) and First Citizens Bank Barbados ($17.6 million),” she stated.
Last year First Citizens recorded a profit before tax of $922.7 million.
This was a 2.3 per cent increase compared to last year.
“Our financial results for 2021/2022 remained on course to return to our pre-COVID performance,” Darbasie stated.
Darbasie said the last few years have been challenging in more ways than one.
“Even so, these times have certainly strengthened our resolve to not just overcome—but to be better. We have remained responsive to challenges, re-evaluated our strategies, deepened our deliberations, focused our efforts and built stronger teams. We have grown,” she stated.
Darbasie said that the Groups’ Corporate and Social Responsibility (CSR) presence was very active this year.
“Our participation often led the way in many cultural, gender and environmental initiatives in the countries and moreover the communities in which we serve. Particular mention this year for our newest chapter aptly named, First Citizens Community. This sustainability programme gives focus to building, serving and collaborating with partners across various communities. Driven by our First Citizens Foundation, we are confident that it will bring positive changes and provide meaningful impact on our widest stakeholder group—the communities we serve,” she stated.
Darbasie stated that the Group is “primed and ready to work with our communities in identifying and developing opportunities that benefit all stakeholders.”
“Our track record of ‘Firsts’ is supported by sound corporate governance and risk management, strong leadership and competent teams,” she stated.