THE NATIONAL Commercial Bank Group, a subsidiary of Canadian mutual fund company AIC, has reported profits of $2.8 billion for the full financial year ended September, 30, 2003.
This is a significant improvement on the previous year's figure of $1.5 billion and represents an increase of $1.3 billion or 86.7 per cent. The Group attributes this positive performance to an increase in loans and securities income as well as net portfolio income.
Continuing with the good news, NCB announced it was paying a dividend of 21 cents per share to shareholders. Dividend per share paid during the financial year was 51 cents compared to 17 cents for the previous year.
The NCB Board of Directors also approved a profit share payment to the staff based on the Group's performance in the amount of $221 million, the maximum amount payable in accordance with the approved profit share scheme.
Total revenues for the Group increased by $7.7 billion or 53 per cent to $22 billion compared to the previous year. Net operating income of $11 billion exceeded the amount for the previous year of $6.6 billion by $4.4 billion or 66 per cent.
Speaking to The Gleaner last night, NCB's Managing Director Aubyn Hill said: "The Board of Directors is very pleased with these results and we will build on this strong base. The staff has put in a good performance and we are expecting an even more formidable performance next year."
THE NATIONAL Com-mercial Bank Group, a subsidiary of Canadian mutual fund company AIC, has reported profits of $2.8 billion for the full financial year ended September 30, 2003.
This is a significant improvement on the previous year's figure of $1.5 billion and represents an increase of $1.3 billion or 86 per cent. The Group attributes this positive performance to an increase in loans and securities income as well as net portfolio income.
Continuing with the good news, NCB announced it was paying a dividend of 21 cents per share to shareholders which is payable on January 19, 2004 for shareholders on record as at January 7, 2003. Dividend per share paid during the financial year was 51 cents compared to 17 cents for the previous year.
The NCB Board of Directors also approved a profit share payment to the staff based on the Group's performance in the amount of $221 million, the maximum amount payable in accordance with the approved profit share scheme.
Total revenues for the Group increased by $7.7 billion or 53 per cent to $22 billion compared to the previous year. Net operating income of $11 billion exceeded the amount for the previous year of $6.6 billion by $4.4 billion or 66 per cent.
Speaking to The Gleaner last night NCB's Managing Director Aubyn Hill said: "The Board of Directors is very pleased with these results and we will build on this strong base. The staff has put in a good performance and we are expecting an even more formidable performance next year."
NCB Chairman Micheal Lee-Chin has said that profits would be re-invested in Jamaica and not be repatriated to its parent company AIC in Canada.
