First Citizens Bank Limited

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What it is

Established in 1993 by pioneers who believed in the possibility of managing a bank solely by locals, the First Citizens Group is today one of the leading financial services groups in Trinidad and Tobago and the Eastern Caribbean. It provides retail, commercial, and corporate banking as well as investment banking services, operating across retail banking, corporate banking, treasury and investments, and asset management segments.

Driven by an over-two-thousand-member workforce, the Group connects Caribbean communities through its footprint in Barbados, St. Lucia, St.

Vincent and the Grenadines, Costa Rica, and its flagship location, Trinidad and Tobago. First Citizens also holds two key investments: a stake in Jamaican financial services company Barita Investments Limited and a minority stake in web-based credit institution Term Finance (Holdings) Limited.

Who owns it

First Citizens Group Financial Holdings Limited (FCGFH) is a subsidiary of First Citizens Holdings Limited, a company owned by the Government of Trinidad and Tobago; First Citizens Holdings Limited is the majority shareholder with a 60.1% stake. The remaining ~39.9% is publicly traded on the TTSE — a meaningful free float for a state bank in the Caribbean.

The government recently exercised its authority as controlling shareholder, removing Group CEO Karen Darbasie and installing a new board. The newly appointed chairman is attorney Shankar Bidaisee, who has pledged a comprehensive review of operations and a zero-tolerance policy toward unequal treatment and corruption.

Who runs it

First Citizens Group Financial Holdings appointed Jason Julien as its new Group Chief Executive Officer on March 28, 2025, replacing Karen Darbasie upon her retirement. Julien, previously Group Deputy CEO for business generation, holds an MBA from Edinburgh Business School and is a chartered financial analyst with the CFA Institute.

The current board includes Chairman Shankar Bidaisee and Deputy Chairman Prof. Sterling K.

Frost O.R.T.T., alongside directors Prakash Dhanraj, Javan Lewis, Jo Anne Boodoosingh, Crystelle Smith, Nichelle Granderson, Sandy Roopchand, Marissa Allum, and Anil Bridglal. A Group CFO is not disclosed in available sources.

The money, in plain words

Total net revenue for the year ended September 30, 2025 reached TTD 2.875bn (~US$427.5m), with basic earnings per share of TTD 3.93 (US$0.58)based on ~251 million ordinary shares. The bank kept about 34 cents of profit from every dollar of net revenue — a net profit margin of ~34.4% (our calculation), strong for a regional bank.

Customer deposits — the group’s main source of funding — rose to TTD 30.895bn (US$4.6 bn), while shareholders’ equity increased to TTD 9.131bn (US$1.4 bn), supported by the year’s profit and a positive TTD 149.8m (US$22 mn) movement in other comprehensive income. For every dollar that owners have put in, the bank earns back about 10.8 cents a year — a return on equity of ~10.8% (our calculation), solid for a state-linked bank but with room to grow.

At a price-to-earnings ratio of ~9.6× (our calculation), the shares trade at a discount to comparable Caribbean peers, which could reflect either governance caution or undervaluation.

What it is doing now

Profit before tax in FY 2025 rose to TTD 1.365bn (US$203 mn), up from TTD 1.270bn (US$189 mn) in FY 2024, supported by net interest income of TTD 2.101bn (US$312 mn) and fee and commission income of TTD 552.9m (US$82 mn). The balance sheet continued to grow, with total loans before allowances climbing to TTD 24.198bn (US$3.6 bn) and net loans at TTD 23.780bn (US$3.5 bn).

With effect from October 1, 2024, First Citizens Bank transferred the shares of its key subsidiaries — including First Citizens Bank (Barbados) and First Citizens Investment Services — to the parent FCGFH, marking the end of the second and final phase of the Group’s corporate restructuring exercise. This simplifies the structure at the holding level and clarifies where shareholders actually own the profits.

What to watch

• Leadership transition: The government’s removal of long-serving CEO Karen Darbasie and the installation of a new board led by Chairman Shankar Bidaisee marks a significant shift in governance priorities — how quickly the new team establishes credibility with minority shareholders will be the first test.
• Asset quality: Non-performing loans rose slightly to TTD 776.6m (US$115 mn) and impairment expenses jumped to TTD 54.5m (US$8 mn) from TTD 13.7m (US$2 mn) in 2024 — a trend worth watching if the regional economy slows.
• State ownership risk: With 60.1% in government hands, strategic decisions can be driven by political rather than purely commercial logic. The bank levy flagged at the shareholder meeting is a live example of how sovereign policy directly touches the bottom line.
• Regional expansion: As of March 2025, the final phase of the restructuring transferred remaining Caribbean subsidiaries into FCGFH, consolidating a broader regional platform — follow whether the new CEO pursues growth or consolidation.

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This is news, not investment advice.