NCB Financial reported profits attributable to the groups’ shareholders of $3 billion, more than twice the $1.4 billion for the 2022 December quarter, with earnings per share of $1.32 versus just 60 cents in 2022. Total comprehensive income ended at $6.2 billion for the latest quarter versus $24 billion in the December 2022 quarter.
ICInsider.com projection is for earnings of $8.50 per share in 2024.
Net revenues from banking and investment activities rose to $19.5 billion from $18.8 billion in 2022 and insurance activities delivered net revenues of $14.9 billion compared to $9.5 billion in the prior year. Net operating revenues amount to $34.5 billion compared to $26.9 billion in 2022.
Staff costs ticked slightly higher to $13.6 billion from $13.1 billion in the prior year but depreciation charges more than doubled from $1.2 billion in 2022 to $2.4 billion, while other expenses rose from $8.2 billion to $9.6 billion in 2023.
Importantly, credit impairment losses fell from $1.17 billion in 2022 to $ 877 million in the December 2023 quarter.
Loans advanced to customers rose just under 5 percent to $621 billion from $592 billion in the prior year and up 1.3 percent over September at $613 billion, a development that is going to be a drag on earnings in the near term.
The stock climbed to $69.75 in early morning trading on Friday, up from $65.05 at the close on Thursday.
Shareholders’ Equity ended the period at $160 billion up from $133 billion at the end of December 2022. The company’s directors are meeting on February 16 to consider a dividend payment.
Profit doubles at the NCB Group
February 9, 2024 by
