Headlines:
| $10.2bil in profits for NCB |
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| Friday, 06 November 2009 | |
 The National Commercial
Bank (NCB), the country's largest deposit taking institution, hass reported more
than $10 billion in profit for its just ended 2009 financial year.Net profit totalled $10.2 billion, a $1.5 billion or 18% increase. Despite the challenges facing the economy, NCB managed to increase its revenue by 10% to just over $27 billion. The bank's earnings were boosted by an increase in its loan portfolio. Loans and advances totalled $88 billion, a $6 billion increase when compared to 2008. Based on the latest Bank of Jamaica Commercial Banking Industry review in June this year, NCB had the largest market share of net loans, recording growth of 25% over the prior year. It exceeded the industry growth of 20%. And while the National Commercial Bank saw its loan portfolio increase during the 12 months it had to boost its loan loss provision. Non-performing loans totalled $2.3 billion which represented 2.6% of gross loans compared to 2.3% as at September 30, 2008. Provision for credit losses totalled $1 billion compared to $468 million in 2008. In light of the current economic environment, NCB has enhanced its delinquency management and loan origination processes. |