NCB profit dips 14.9 %
National Commercial Bank (NCB) saw its net profit decreased by 14.9 per cent or $1.5 billion to $8.5 billion for the year ended September 30, 2013, according to the results released to the Jamaica Stock Exchange.
Earnings per stock unit of $3.47 decreased by 14.9 per cent from $4.08, while total assets grew by 17.7 per cent or $67.1 billion to $446.6 billion.
There was also a growth in net loans to $141.2 billion, an increase of 26.1 per cent or $29.2 billion.
Customer deposits of $178.4 billion reflected an increase by 9.5 per cent or $15.5 billion.
Total stockholders’ equity grew by 9.2 per cent or $6.1 billion to $72.5 billion.
The NCB board said the bank concluded another challenging financial year, which was significantly impacted by a weakened economic environment, resulting in losses based on its participation in the debt exchange programme, lower asset yields and increased operating expenses.
“Despite these negatives affecting our business performance, we experienced strong growth in our core business segments, which was reflected in increases in our loan and funding portfolios,” the financial report said.