Profitable year for the nation’s Bank

The National Commercial Bank (NCB) will more than likely continue to feast on “outstanding” credit quality and are expected to deliver a slate of solid results when they report their earnings in another month’s time.{{more}}

The state-owned commercial bank is improving its image in more than one way. In addition to bringing down the non-performing loans from 22 % in 2001 to 3.19 % presently, the financial institution has gradually recorded a boost in profits.

Prime Minister Dr. Ralph Gonsalves made the disclosure while giving the feature address at the handing over of 16 Low-income houses at Peters Hope Tuesday August 15.

Dr. Gonsalves outlined that the bank had recorded $11 million profit for 2006, a $3.5 million increase from last year’s figure of $7.5 million. He indicated that the statements represented “unaudited” figures, but sources from the financial institution have indicated an anticipated climb in profits when the bank’s audit comes to a close in September.

The state-owned bank has been plagued over the years with scandals of corruption and ineptitude in management, after incurring millions in debt during the infamous Ottley Hall scandal.

Since 2001 the bank’s total assets have climbed from $395 million to $604.4 million, recording a growth of almost $210 million in total assets.