Sat | Sep 23, 2017

NCB records $3.6B profit in best ever first quarter

Published:Friday | January 27, 2017 | 1:36 PM
Patrick Hylton, Group Managing Director of NCB Jamaica (left) and Dennis Cohen, Deputy Group Managing Director

National Commercial Bank Jamaica (NCB) recorded its best ever first-quarter, earning $3.6 billion net profit for the period ending December 2016, up 50 per cent year on year.

Revenues totalled $10.2 billion for the quarter. Earnings per share totalled $1.45, up from $0.96 a year earlier.

"It’s is our best quarter ever," Deputy Group Managing Director Dennis Cohen told shareholders at the annual general meeting at the Jamaica Conference Centre in downtown Kingston earlier today.

The treasury segment accounted for $1.5 billion based on gains on trading, followed by its wealth segment at $1.3 billion.

Shareholders’ equity stood at $102 billion, up 16 per cent year on year.

"Our focus will be on our new strategic plan by 2020," added Cohen. "We expect. another successful year providing value to shareholders."

The meeting continues with voting for a scheme of arrangement in relation to creating a holding company for the group.

- steven.jackson@gleanerjm.com