Mon | Nov 19, 2018

NCB reports $28b profit

Published:Thursday | November 8, 2018 | 5:02 PMSteven Jackson

 

NCB Financial Group, the parent company of Jamaica's largest bank, National Commercial Bank, reported annual profit of $28.6 billion on Thursday, a new record for the bank.

Earnings rose 50 per cent relative to last year’s profit of $19.1 billion at the bank primarily owned and chaired by Michael Lee-Chin and run by Patrick Hylton.

“We attained the highest profit in our history, which was supported by strong performances across seven business segments. Our achievement was driven by executing change in several areas to transform how we provide financial solutions for our customers,” the bank said in the statement accompanying the release of its September 2018 year end results.

Highlights for the year included NCB’s acquisition of a 50.1 per cent majority stake in Clarien Group Limited, and continued build-out of its digital platforms, including the launch of a mobile app, online account opening and credit card alerts. Wealth subsidiary NCB Capital Markets also structured US$800 million of financing deals during the year.

Hylton and his team will outline the bank’s financial results at an investor’s briefing on Friday morning.

business@gleanerjm.com