First Citizens tops Trinidad & Tobago! – rated first in Soundness and among best banks in the Caribbean

July 13th, 2023    |   Related To: First Citizens

First Citizens tops Trinidad & Tobago! - rated first in Soundness and among best banks in the Caribbean
Photo: Karen Darbasie, Group Chief Executive Officer, First Citizens Group.

Outclassing its local and Caribbean competitors, First Citizens has been rated first in Soundness by The Banker for 2022.  In its report published June 2023, The Banker said First Citizens “proved the best in class with regards to soundness with a 15.04% capital assets ratio,” and placed fourth Overall, among the top ten Caribbean banks, the only Trinidad and Tobago bank in the top five Overall.

First Citizens also achieved rankings among the top ten banks in the Caribbean for Leverage (ranked 2nd out of 10), and Asset Quality (ranked 7th out of 10).  Lauding the achievement, Group CEO, Karen Darbasie said “the accolade, as we approach our 30th anniversary, was reflective of our consistent focus on growth and building value for employees, customers, shareholders and other key stakeholders and is testament to what can be achieved together.”

Darbasie further expressed gratitude for the confidence and loyalty placed in the Group and said “First Citizens is committed to continuing to serve its markets and communities with excellence, care and integrity.”  The Group’s latest recognition from The Banker adds to a growing list of awards and achievements it has obtained over the years, once again underscoring its reputation as a leader in banking excellence.

On the cusp of celebrating its 30th Anniversary in September, themed “Together…30 and Beyond,” First Citizens was assessed among 30 other Caribbean banks in a range of categories. According to The Banker, its model ranks banks in eight key performance categories, using 17 ratios. The model only uses performance ratios, and year-on-year percentages and basis points changes, so the size of a bank has no influence on its best bank position. The performance categories are – Growth, Profitability, Operational efficiency, Asset quality, Return on risk, Liquidity, Soundness and Leverage.