NCB Financial Group Ltd (NCBFG) and its subsidiaries booked net profit of $9.5 billion at mid-year March 31, 2017 – an increase of 58 per cent over the prior year. The group achieved its highest quarterly result of $5.9 billion, up 63 per cent over the comparative quarter, which management said was due to its strategic focus on expansion in the Caribbean region.
Results were buttressed by share of profit of associates which grew by $1.4 billion mainly as a result of the Group accounting for its share of six months’ profit for the 29.99 per cent shareholding in Guardian Holdings Ltd.
Domiciled in Trinidad, Guardian is a regional insurance and commodities giant in which NCBFG acquired a stake in early 2016.
Income from Guardian was $822.27 million. Other associate companies are JMMB Group Ltd and Elite Diagnostic Ltd.
Operating income for the group was $29.2 billion, an improvement of $3.8 billion or 15 per cent over the prior year’s comparative period results.
In notes attached to the financials, it was noted that gains were realised on investment activities growing by $1.8 billion or 96 per cent “mainly due to improved investor confidence as a result of the improved macroeconomic fundamentals of Jamaica”.
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