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.

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ADJACENT to the country’s capital city, to the east of Port of Spain, lies an area that some have classified as a hotspot: from the hills of Laventille at its top; through Beetham Gardens in the middle and Sea Lots at its south.

It’s an area usually classified with high crime rates and unemployment.

Fourteen years ago, a company of the same name—the East Port of Spain Development Company (EPOS), was set up to regenerate the area.

Supermarket operators are getting anxious about when they will receive the official list from the Government on which imported food items will now attract value added tax (VAT) from January.

The Supermarket Association said yesterday no word has come from the Finance Ministry with regard to the list of food items on which 12.5 per VAT will be implemented from January 1.

Please, Prime Minister. Let us open our bars.

The Barkeepers and Operators Association of Trinidad and Tobago (BOATT) has made another appeal to Prime Minister Dr Keith Rowley to fully reopen bars and to lead the 20,000 employees and 5,000 owners in the bar industry out of a local crisis as a result of the Covid-19 coronavirus restrictions.

Trinidad and Tobago Securities and Exchange Commission

Globally, as at November 7, 2020, there were over 6,700 types of cryptocurrencies including Bitcoin, the most popular digital currency, which last week traded at USD$15,014.90.

WIPAY chief executive, Aldwyn Wayne, says the T&T-based payment platform company, has been planning its latest innovation, called WiLoan, for more than a year.

WiPay received a moneylender’s licence in November 2019 and has been actively planning WiLoan since then and is ready to start lending money from December 1, said Wayne.