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February 8, 2008 |
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NAT'L COMMERCIAL: Net Profit Increases to J$1.86B in 1st Quarter The National Commercial Bank Jamaica Limited's net profit rose 24% to J$1.86 billion in the first quarter ended Dec. 31, 2007, compared to J$1.5 billion in the same period ended Dec. 31, 2006, mainly due to its retail banking division, The Jamaica Gleaner reports. According to The Gleaner, the National Commercial's revenues increased to J$5.6 billion in the first quarter ended Dec. 31, 2007, from J$5.2 billion in the year prior period. The increase in the National Commericial's operating revenue in the first quarter was due to a 28% growth in net fee and commission income, The Gleaner says. Meanwhile, the National Commercial's total interest income rose by 11% in the first quarter ended Dec. 31, 2007, compared to the same period in the prior year. The Gleaner notes that the National Commerical would pay a dividend of 15 cents per share on Feb. 22 to shareholders on record at Feb. 11. The report says the National Commercial's loan portfolio increased by J$4 billion to J$60 billion in the first quarter ended December 2007, compared to the same period ended December 2006. The National Commercial told The Gleaner that its improved performance was due to continued concentration on core business that resulted in higher earnings from its main operating segment. According to the report, the National Commercial's retail banking rose by 115% to J$849 million on operations on December 2007, compared to December 2006. Treasury brought in J$816 million and wealth management J$563 million. The Gleaner reports that corporate banking brought in J$342 million to the National Commercial in the first quarter ended December 2007, about 0.9% greater than the same quarter ended December 2006. The bank's insurance arm earned J$94 million, about 46% lesser and the only segment whose returns to the National Commercial fell in the quarter. The National Commercial's retail banking continues to be its main revenue earner, bringing in J$849 million in operating profit for the first quarter ended December 2007, about 115% greater than the quarter ended December 2006, The Gleaner says. Meanwhile, the National Commercial's NCB Capital Markets Limited had an almost J$40-million drop in operating profit, earning J$525 million, due to a J$73-million reduction in trading income. It had a net profit of J$416.7 million in the first quarter 2008, compared to the J$416.9 million it made in the same period in the previous year, The Gleaner states. Headquartered in Kingston, Jamaica, the National Commercial Bank Jamaica Limited -- http://www.jncb.com/-- provides commercial and retail banking, wealth management services. The company's services include personal banking, business banking, mortgage loans, wealth management and insurance services. Founded in 1977, the bank primarily operates in West Indies and the UK. * * * As reported in the Troubled Company Reporter-Latin America on May 2, 2007, Fitch Ratings affirmed these ratings on Jamaica- based National Commercial Bank Jamaica Limited: long-term foreign and local currency Issuer Default at 'B+'; short-term foreign and local currency rating at 'B'; individual at 'D'; and support at 4. The rating outlook on the bank's ratings is stable, in line with Fitch's view of the sovereign's creditworthiness. As reported in the Troubled Company Reporter-Latin America on Dec. 18, 2006, Standard & Poor's Rating Services affirmed its 'B/B' counterparty credit and CD ratings on National Commercial Bank Jamaica Ltd. S&P said the outlook is stable. |
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