NCB’s profits jump to $4.6 billion for Q1
The NCB Financial Group has got off to a cracking start for 2018 posting a net profit of $4.6 billion for Q1FY18.
This amounts to a $1 billion or a 28 per cent increase over the corresponding period last year.
Operating income for the quarter under review came to $16.7 billion, a 17 per cent increase on the previous year.
Driving this sterling performance by the NCB Group managed by Patrick Hylton and Dennis Cohen were gains on foreign currency and investment activities (rising by $1.4 billion); premium income increasing by $366 million and the loan portfolio causing net interest income to rise by five per cent or $346 million.
Of particular note is the surge in loans and advances, net of provision for credit losses which jumped by $124.4 billion, a whopping 63 per cent which came in at $322.4 billion at December 31, 2017. This was driven in the main by the performance of NCB’s retail portfolio.
Customer deposits for the first quarter of FY18 came in at $431.4 billion, a 57 per cent increase over the previous year.
Stockholders’ equity grew 16 per cent standing at $118.6 billion.
Operating expenses, a key matrix however rose by some $3 billion or 30 per cent to $13.2 billion over the prior year’s figure. This was due to increases in salaries and changes made to branch operations.
NCB has declared an interim dividend of $0.70 per ordinary stock unit which will be payable on February 26, 2018.
NCB is currently looking to acquire Trinidad’s insurance giant Guardian Holdings as it looks to assert its footprint across the Caribbean.
The Michael Lee Chin-owned NCB Group acquired a 50.1 per cent majority stake in Bermuda’s Clarien Group, owners of Clarien Bank in December last year.