FCB grosses $180 million

Addressing a breakfast meeting at the Hilton Trinidad yesterday, FCB’s chief executive Larry Howai said, "The First Citizens Group demonstrated another six months of excellent performance with profit before tax of $180 million to March 2005 as compared to $163 million for the equivalent period to March, 2004. This was achieved despite narrowing of spreads and excess liquidity in the system."

Howai indicated that the increase in the group’s balance sheet from September, 2004, to the present was mainly due to "the tremendous growth in our loan portfolio which increased by $0.9 billion to $4 billion. The loan portfolio generated interest income of $331 million for the six month period to March, 2005, as compared to $305 million for the similar period to March, 2004," he stated. Howai added that the group’s non-performing loans as a percentage of total group loans remained one of the lowest in the industry at 1.58 percent, and its efficiency ratio "continues to be the best in the industry."

FCB’s deputy chief executive Marlon Holder said the bank continues to expand regionally in Barbados, St Lucia, Antigua, and Jamaica. He noted that FCB remains the first and only TT bank to raise US$200 million in the international capital markets. Holder described the fact that the bank has been able to grow by more than $1 billion in six months as a tremendous achievement.

"What is even more interesting, is that we have achieved this growth while maintaining the best asset quality (meaning low risk) in the industry. Our non-performing ratio is just 0.07 percent compared to the industry benchmark of 3-4 percent," he added.

Howai agreed with Holder that the second half of the current financial year was shaping up to be an exceptional one. "So we’re absolutely following the right strategy and as long as we stay at the cutting edge, there’s no reason why we can’t be looking forward to bigger and better times ahead," Howai declared.