NCB Financial Group Ltd (NCBFG) Mar 2020 (Q2) Earnings Review

NCB Financial Group Ltd (NCBFG) recently reported their March 2020 (Q2) results. Here are the highlights.

• Net Interest Income of $27.98b. Up by 39.96% or 7.98b YTD YoY.
  Mainly due to the consolidation of GHL. Loan growth accounted for 15%
• Net Fee and Commission Income totaled $11.42b. Up by 38.57% or 3.18b YTD YoY.
  Half of this due to addition of GHL. Other half due to increased volumes
• Total Operating Expenses of -$41.59b. Increasing by 61.05% or -15.76b YTD YoY.
  Due to the consolidation of GHL
• Income Tax was $2.17b. Declining by -237.14% or 3.76b YTD YoY.
  Tax credit vs tax charge in PY due to significant amounts of income in PY not subject to income tax. This helped to boost the results significantly
• Net Income (Profit) was $13.35b. Up by 7.60% or 943.03m YTD YoY.
  PY Q1 includes $3.3b from the disposal of interest in an associated company (JMMBGL)
• Total Comprehensive Income was -$4.20b. Declining by -143.13% or -13.95b YTD YoY.
  Significant amounts ($14.9b) of unrealised losses on securities in Q2. Possibly due to the decline in markets around Covid-19

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