NCB Financial Group recorded a net profit of J$26.9 billion for its financial year ended September 30, 2020, which was a 14 per cent decline from the restated prior year, the financial services company said.
NCBFG, which is headquartered in Kingston, Jamaica, reported net profit attributable to the shareholders of its parent of J19.1 billion, a 36 per cent decrease from the 2019 financial year.
The company’s results for the year ended September 30, 2019, included on-off gains totalling J$8.2 billion, including J$3.3 billion from the sale of an associate company, J$2.3 billion from the revaluation of its 62 per cent interest in Guardian Holdings Ltd and J$2.6 billion from the disposal of a subsidiary.
“Excluding these gains, the profit would have declined by J$2.5 billion or 12 per cent in 2020, compared to 2019,” the financial group said, noting that its 2020 results include a full year of GHL results compared with only five months in the 2019 financial year.
NCBFG said the decline in economic activity as a result of the effects of Covid-19 contributed to the decline in the group’s profitability. The weakened economic conditions resulted in reduced securities trading activity, a decline in equity markets and a depreciation of the Jamaican dollar, resulting in reduced gains on foreign currency and investment activities and increased credit impairment provisions, NCBFG said.