NCB Financial Group reports unaudited consolidated net profit of $9.2 billion for the period, a decline of 31% or $4.1 billion from the prior year. Consolidated net profit attributable to stockholders of the parent totalled $5.9 billion, a 38 percent or $3.7 billion decrease from the prior year.
NCB Financial Group added to JSE record close on Friday.
“The performance reflects the impact of the reduced economic activity caused by the pandemic” the directors reported in their commentary on the results. Credit impairment losses fell below the March 2020 period with $1.36 billion provided for the latest quarter versus $1.65 billion in 2020. The big items that left profit sink was an increase in commission and other selling expenses that increased nearly $3 billion over March 2020 and Other operating expenses that rose over $2 billion over March 2020.
Earnings per stock unit came in at 82 cents for the quarter and $2.48 for the half year.
The Board of Directors, declared an interim dividend of 50 cents per stock unit payable on May 31, to stockholders on record on May 14, 2021.
The stock last traded on The Jamaica Stock Exchange on Thursday at $140.