NCB headquarters, the Atrium, on Trafalgar Road.
National Commercial Bank (NCB) is reporting that it earned $6 billion profit for the first half of its financial year.
Profit after tax for the period ended March 31 was $6.1 billion which was $799 million or 15% more than what was reported during the corresponding period last year.
Operating revenue was up 16% at $17.1 billion.
NCB says the increase in earnings was due mainly to higher insurance premium income, gains on foreign currency and investment activities as well as fee and commission income.
The bank says this resulted from higher volumes of new retail and business loans as well as card and retail banking transactions.
On a negative note the island's largest commercial bank is still straddled with a large stock of non-performing loans.
As at March 31, the portfolio stood at $6.6 billion up from $2.9 billion a year ago.
This represented 7.4% of gross loans compared to 3.3% at the end of March 2010.
All feeds
