For the half year period ending March 31, 2018, NCB has reported record profit of JMD$11 billion. Patrick Hylton, Chief Executive Officer of NCB, lauded the bank for being the first listed institution on the Jamaica Stock Exchange to exceed JMD$10 billion in earnings in six months. Hylton is optimistic that this will not be the last record profit set by NCB as he further boasted about the sustainability of the company’s business model which will push the bank to continue on this path.
NCB reported an increase in revenue of 25.2 per cent from JMD$36.8 billion in 2017 to JMD$46.1 billion for the same period in March 2018. JMD$1.5 billion has been attributed to the company’s acquisition of the Clarien Group. Net profit increased by 17 per cent from JMD$9.46 billion in 2017 to a record of JMD$11.04 billion in 2018. It has been reported that this is because of an increase in demand for investment securities as there is a reduced availability of government paper.
Wealth, Asset Management and Investment Banking performed exceptionally well and have proven to be the main contributor to the company’s operating profit with JMD$4 billion, an increase of 6 per cent from the previous year. Treasury and Correspondent banking is now the second largest contributor after only achieving JMD$3.96 billion in profit despite a 10 per cent increase from the same period in 2017.
NCB utilises advanced digital technology in order to provide enhanced solutions for customer experience. This has been well received by customers as is evidenced in its financial statements.
We at SSL continue to recommend NCB to our clients as we look forward to another stellar performance form the company in the coming quarter.
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