- FILE
NCB Atrium, Trafalgar Road.
THE NATIONAL Commercial Bank Group has recorded a net profit of $2.4 billion in its consolidated results for the six months ended March 31, 2006. This represents an increase of $807 million or 52 per cent compared to the corresponding period of the previous year. However, while NCB saw a tremendous surge in its net profit, revenue remained flat, growing by just five per cent, to $13.7 billion.
In a release the bank said net interest income for the six months grew by 19 per cent as a result of a 21 per cent increase ($636 million) in loan income and a $296 million or four per cent increase in securities income. But, at the same time, net trading income declined by $610 million or 38 per cent compared to the comparative period last year which the bank attributes to the stock market decline.
There was a seven per cent decline in operating expenses (to $5.4 billion), largely because of the absence of the impairment provision for the investment in Dyoll, which was included in last year's figures. As a result, the NCB group's operating profit, at $3 billion, recorded a 51 per cent jump.
At 96 cents, NCB's earning per shares increased by 53 per cent over the comparative six months of 2005. The total asset base of the group increased by almost $13 billion or seven per cent, moving from just under $194 billion as at September 30, 2005 to $206.8 billion as at March 31, 2006.
