November 10, 2016
The sharp decline in global oil prices has hit Trinidad & Tobago hard. Close to two-thirds of exports from the Caribbean country are in oil and gas, according to Moody’s. Oil and gas income has fallen to just 36% of government revenues, from 50% in 2013.
Despite that difficult operating environment, First Citizens Bank grew profits and assets in the 12 months under consideration for LatinFinance’s Bank of the Year Awards. The bank increased profit after tax by 2.2% year-on-year, to 492.9 million Trinidadian dollars ($73 million). Total assets grew by 2.3% in the first nine months of the year, reaching 38.4 billion Trinidadian dollars.
The bank has focused on treasury management and cost
The lender kept profits and lending strong despite a tough period for the local economy