$19 billion: Record profit for NCB
NCB Financial Group is reporting $19 billion in net profit for the year ended September 30, 2017, an increase of 32 per cent over the previous year.
The group accomplished record net profit performance for the financial year, representing an increase of $4.7 billion over the prior year, along with strong growth in loans and deposits.
“We have achieved another milestone year, with record net profits, strong financial and capital position, and improved performance metrics,” the company shared in its latest financial statement.
NCB said it experienced solid growth of 15 per cent in its operating revenues, of which with its retail segment as 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 explained.
NCB said it continues to invest in ways to further improve our operating model, enable our business segments to capitalise on growth opportunities and to better serve its customers, including introducing innovative digital options, resulting in a spend of $38.3 billion, an increase of 14 per cent.
“These investments will initially impact resourcing and infrastructure costs in the short-term but are expected to improve efficiency and customer experience over the medium to long-term” the financial giant said.
Expenses were also impacted by negotiated increases in salaries, wages, allowances and benefits.