FCB is third largest bank in TT

FIRST Citizens Bank (FCB) is now the third largest bank in Trinidad and Tobago, behind Republic Bank and RBTT Bank, said FCB CEO Larry Howai. He was addressing corporate clients at an appreciation function held on Thursday at the Hilton Trinidad at which the bank launched its new E-First on-line banking service. Howai said: “In the year 2004 you helped FCB surpass Scotia Bank in terms of assets; you helped us become the third largest bank in Trinidad and Tobago and for that you have our thanks.” He traced the growth of the bank in the fiscal year 2004.

“Group assets reached a value of $8.4 billion, with a further $5.2 billion in funds under management through pension plans, trust accounts and mutual funds.” In addition, he said, FCB’s pre-tax profits had increased to $300 million up by 34 percent from last year’s figure of $233 million. “Our net loan base has grown from $2.3 billion to $3.1 billion, while customer deposits have increased from $3.5 billion to $3.7 billion over the last year”. The bank even had a very low rate of bad debts, with Howai saying: “Non-performing loans as a ratio of total group loans is 1.83 percent which is one of the lowest in the local commercial banking industry.” Howai trumpeted the bank’s recent achievements as FCB has received its fourth consecutive credit rating upgrade.