The National Commercial Bank has released their financial results for the year ended September 2011. Compared with year ended September 2010 the highlights are as follows;
- Net profit of $13.0 billion, an increase of $2.0 billion or 17.69%.
- Gain on the acquisition of associates of $1.0 billion has been included in net profit.
- Earnings per stock unit of $5.30 grew by $0.80 or 17.69%.
- Cost to income ratio increased to 52.36% from 51.53%.
- Return on average total assets increased to 3.76% from 3.41%.
- Total assets of $358.8 billion, increased by 7.10% or $23.8 billion.
- Net Loans of $91.7 billion, grew by 6.67% or $5.7 billion.
- Customer Deposits of $155.8 billion, increased by 7.98% or $11.5 billion.
- Return on average stockholders’ equity decreased to 23.71% from 24.66%.
- Risk-based capital adequacy ratio decreased to 15.13% from 16.47%.
During the year, the Group acquired 29.30% of the shares of Jamaica Money Market Brokers Limited (JMMB). This acquisition, as well as the Group’s 25.17% share of Kingston Properties Limited have been accounted for as associated companies.