Tue, 16 Oct 2018 02:00:26 -0400
NCB makes record profitsFriday, November 10, 2017
Parent company for National Commercial Bank, NCB Financial Group Ltd, saw an all-time high in profits for its fourth quarter ending September 2017, achieving net profit of $19.1 billion.
It's an increase of 32 per cent over the prior year's results of 14 billion — but a decline by 16 per cent or $865 million from the previous quarter as a result of higher operating expenses.
Total assets of the company stood at $636.7 billion.
“We have achieved another milestone year, with record net profits, strong financial and capital position, and improved performance metrics,” management said in an accompanying statement to shareholders.
“We began our 2017 financial year with the goal of creating an improved NCB — faster, simpler, stronger. We have a clear strategic plan, a team capable of delivering for our customers and shareholders,” it continued.
It added that for the new financial year it remains committed to continuing the pace of digital change, bettering performance and achieving its vision.
For the quarter under review, NCB experienced growth of 15 per cent in operating revenues, moving from $59.5 billion to $7.9 billion year-over-year. Operating expenses of $38.3 billion climbed by 14 per cent or $4.8 billion over the prior year.
The group attributed the growth to gains on foreign currency and investment activities which improved by $3.0 billion or 63 per cent, driven by gains from the sale of debt securities; net fees and commission income — which increased by $2.9 billion — and growth in the loan portfolio.
“Our retail segment continues to be the largest contributor. This was fuelled by loan growth momentum throughout the year, allowing us to grow our leading position in the commercial banking industry to a 41 per cent market share and our loan portfolio by 16 per cent,” it said.
It added that the performance demonstrates progress in relation to its business strategy and continued growth in assets and equity, which both improved by 14 per cent and 13 per cent respectively. NCB's 29.99 per cent shareholding in Guardian Holdings Ltd was the main contributor to the $2.0 billion increase in share of profit of associates.
The banking group will host its quarterly investors briefing today to speak about its performance.
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