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First Citizens reports $1.1m profit

BEA DOTTIN, [email protected]

First Citizens reports $1.1m profit

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First Citizens Bank (Barbados) Ltd, formerly Butterfield Bank (Barbados) Ltd, has reported a net profit of $1.1 million for the nine months ended September 30, 2012.
According to recently published financial statements from the Trinidad and Tobago-headquartered bank that opened its local operations last September, it recorded $1.7 million for the 12 months ended December 31, 2011.
The bank posted profit before taxation of $1.4 million for the first three quarters of 2012 and $2.9 million in the previous 12 months.
Meanwhile, total operating expenses amounted to $19.4 million for the nine months in 2012, down from the $26.6 million recorded in 2011.
Also, $1.9 million was provided for impairment in 2012 compared to $3.7 million in 2011.
Net interest and other income amounted to $20.8 million, unlike the $29.4 million in 2011.
First Citizens (Barbados) has total assets of $565.6 million and liabilities of $496 million, including $484.5 million in customer deposits.
The First Citizens Group initially began operations in Barbados with First Citizens Investment Services, providing investment services to individuals, families and business organizations.
The regional financial group has operations in Barbados, Costa Rica, St Lucia, St Vincent, and Trinidad and Tobago. Its purchase of Butterfield (Barbados) Ltd has enabled the group to increase its presence on the island through the former five Butterfield Bank locations. (NB)