NCB bullish after FY 2013/2014 performance
12 Nov 2014
"We are bullish about the future and we are also very confident and bullish about the prospects of success of our organisation for 2014/2015,"declared Patrick Hylton, National Commercial Bank Jamaica Limited (NCB) Group Managing Director after the bank announced its unaudited results for the financial year ended September 30, 2014. Speaking at its quarterly Investors' Briefing held at the NCB Wellness and Recreation Centre in Kingston, Mr. Hylton added, "The Bank's end of year results represent strong performance in a difficult environment." "We were able to demonstrate this strong performance across a number of segments of our business, which also underscores the strength in diversity of the Bank inasmuch as we were able to do well in several segments,†he noted. For the period under review, the Group reported Net profit of $11.6 billion, an increase of 36%, or $3.1 billion compared with the corresponding period ended September 30, 2013. The primary drivers of this growth included the increase in operating income by 14%, or $5.3 billion, when compared with the year ended September 30, 2013, mainly as a result of Premium income increasing by 40%, or $2.0 billion; gain on foreign currency and investment activities, increasing by $1.6 billion or 152%; increases in net interest income, by 5%, or $1.1 billion, primarily due to growth in net loans and advances and investment securities portfolios. The bank's senior executive team, in presenting the quarterly results, said that the figures were indicative that the entity was on the correct path and there was significant reason for optimism going forward."The results also give credit to the appropriateness of the strategy that we have been pursuing as an organisation and the initiatives that we have pursued as a part of that strategic thrust," noted Mr. Hylton. He noted that for the new financial year, the market could expect to see enhanced efforts in terms of sales and service effectiveness, with increased focus on sales productivity while simultaneously enhancing the customer experience. He also pointed out the increased focus on expansion of access to credit by individual and business customers. "We often hear about the challenge that SMEs face in accessing credit and we are working assiduously through our Risk Unit to see how we can widen this access by taking more of existing market share and by utilising new technology and methodologies to facilitate proper assessment and extension of credit to those who do not have access," said the NCB head. He also noted that the Bank will be working to enhance payments innovation, particularly mobile payments solutions, and efficiency optimisation with a focus on quality, cost and speed. Among other areas of focus for the new financial year are continued investment in the development and welfare of employees, enhanced technology development across the enterprise and the drive for regional expansion. "Even though the environment has been challenging, even though there have been difficulties, our experience points to the fact that with the appropriate strategies, with the appropriate business model, with the right skills, capabilities and competencies, the right attitudes and mind sets, opportunities abound, and we look forward to improved performance in 2014/2015,"said Mr Hylton. In closing, the Group Managing Director had high praise for the various stakeholders who supported the attainment of the Bank's targets and otherwise contributed to the performance of the institution over the past financial year. "I want to publicly thank our customers, our staff, the pool of directors, shareholders our partners and any other stakeholders who have in some way or other contributed to the success that we have experienced."
