Mon | Sep 28, 2020

NCB sets new profit record at $19 billion

Published:Thursday | November 9, 2017 | 12:00 AMAvia Collinder


NCB Financial Group Limited, the parent company for National Commercial Bank, racked up just over $19 billion in net profit for the year ending September 2017 to set a new record for itself.

The conglomerate’s performance cements its number one position as the most profitable bank and stock market company in Jamaica.

Last year, the bank made $14 billion, which means that it grew those earnings by 32 per cent this year.

The group makes its core revenue from interest income, but it also collects a substantial amount in fees and commission income. Those fee collections this year topped $17 billion, compared to $13 billion in 2016.

NCB will pay a dividend of 60 cents per share, based on the results. Owners of the stock will share a distribution of $1.48 billion, most of which will flow to principal owner Michael Lee-Chin and his companies.

The banking group will host its quarterly investors briefing on Friday to speak about its performance.