posts $405m net profit
GROUP yesterday posted a net profit of $405 million in the year to the
end of September 1999, which comes after posting a $1 billion loss last
The profit included a $200 million gain from the sale of Jamaica Orange
Company, which it sold to the Agricultural Credit Bank during the year.
Revenue in the year rose from $14.5 billion to $15 billion, while expenses
dropped from $14.97 billion to $14.69 billion. The banking arm of the financial
services group contributed $221 million to group profit, according to NCB
Group managing director Dunbar McFarlane.
NCB said 54 per cent of its income earning assets related to $36.1 billion
of FINSAC bonds. Some 50 per cent of its income from loans and securities
came from $6.6 billion of FINSAC interest.
At the end of 1997, NCB struck a deal which saw FINSAC agree to provide
$19.5 billion in financial support, which includes money invested in NCB
Jamaica. FINSAC assumed $13.5 billion in non-performing debt and provided
a financial assistance package of $4.67 billion as part of the$19.5
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