August 9, 2024
NCB Financial Group Limited (NCBFG)
Unaudited financials for the nine months ended June 30, 2024:
NCB Financial Group Limited (NCBFG) for the nine months ended June 30, 2024, reported a 12% increase in interest income totalling $65.99 billion compared to $58.71 billion in the corresponding period last year. Interest Income for the third quarter had a 9% increase to close at $22.49 billion compared to $20.54 billion for the comparable quarter of 2023.
Interest Expense amounted to $30.27 billion (2023: $23.45 billion), this represents an increase of 29% year over year. Consequently, Net Interest Income increased by 1% to $35.72 billion compared to $35.26 billion for the nine months ended June 30, 2023. The company booked Net Interest Income of $11.95 billion for the third quarter versus $11.77 billion reported for the similar quarter of 2023.
Net fee and commission income increased by 9% to close at $18.86 billion (2023: $17.37 billion), while Net Revenue from Banking and Investment Activities decreased by 4% from $59.58 billion in 2023 to $57.30 billion in the period under review. As a result, net revenues from insurance activities for the nine months ended June 30, 2024, amounted to $36.89 billion, a 50% increase relative to $24.66 billion reported in 2023.
Net Operating Income for the nine months ended June 30, 2024, amounted to $94.18 billion, a 12% increase relative to $84.25 billion reported in 2023. Net Operating Income for the third quarter amounted to $28.93 billion (2023: $28.39 billion). Total operating expenses totalled $69.07 billion a 1% increase from the corresponding period last year. (2023: $68.24 billion).
Operating Profit for the nine months ended June 30, 2024, amounted to $25.12 billion, a 57% increase relative to $16.01 billion reported in 2023. Operating Profit for the third quarter amounted to $7.78 billion (2023: $5.98 billion).
Profit before Taxation for the nine months ended June 30, 2024, had a 58% increase to reach $25.49 billion (2023: $16.18 billion). Taxation for the nine months amounted to $4.41 billion, an increase from the $4.40 billion reported in 2023. For the third quarter, Taxation was $537.00 million (2023: $1.07 billion).
Net Profit increased by 79% to $21.08 billion (2023: $11.78 billion). Net Profit for the quarter totalled $7.39 billion relative to the $4.87 billion booked in the prior year’s quarter.
Net Profit Attributable to Shareholders for the period totalled $13.67 billion, relative to the $8.50 billion reported twelve months prior. For the quarter, Net Profit Attributable to Shareholders amounted to $5.02 billion compared to the $3.92 billion reported in 2023.
Consequently, Earnings Per Share for the nine months amounted to $5.79 (2023: EPS: $3.70), while Earnings Per Share for the quarter totalled $2.11 (2023: EPS: $1.71). The twelve-month trailing EPS was $4.94, and the number of shares used in these calculations was 2,583,539,847.
Notably, NCBFG’s stock price closed the trading period on August 08, 2024, at a price of $50.98 with a corresponding P/E ratio of 10.32x.
Balance Sheet Highlights
The company’s assets totalled $2.27 trillion (2023: $2.18 trillion). This increase in total assets was attributable to Investment Securities which amounted to $856.38 billion for the period under review (2023: $810.05 billion). Additionally, ‘Due from other banks’ also contributed to the increase amounting to $149.47 billion for the period under review (2023: $134.22 billion).
Shareholder’s equity was $161.12 billion (2023: $145.15 billion), representing a book value per share of $78.78 (2023: $67.91).
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