November 15, 2024

NCB Financial Group Limited (NCBFG)

Unaudited financials for the year ended September 30, 2024:

NCB Financial Group Limited (NCBFG) for the twelve months ended September 30, 2024, reported a 10% increase in interest income totaling $107.49 billion compared to $97.73 billion in the corresponding period last year. Interest Income for the fourth quarter had a 9% increase to close at $27.71 billion compared to $25.50 billion for the comparable quarter of 2023.

Interest Expense amounted to $47.05 billion (2023: $38.59 billion), this represents an increase of 22% year over year. Consequently, net interest income increased by 2% to $60.44 billion compared to $59.14 billion for the twelve months ended September 30, 2023. The company booked net interest income of $15.15 billion for the fourth quarter versus $14.47 billion reported for the similar quarter of 2023.

Net fee and commission income increased by 7% to close at $30.67 billion (2023: $28.56 billion), while Net Result from Banking and Investment Activities increase by 2% from $118.53 billion in 2023 to $121.04 billion in the period under review.

Net operating income for the twelve months ended September 30, 2024, amounted to $120.01 billion, a 4% increase relative to $115.37 billion reported in 2023. Net operating income for the fourth quarter amounted to 25.83 billion (2023: $27.86 billion). Total operating expenses totalled $92.16 billion, an 11% decrease from the corresponding period last year. (2023: $103.25 billion).

Operating Profit for the twelve months ended September 30, 2024, amounted to $27.85 billion, a 130% increase relative to $12.12 billion reported in 2023. Operating Profit for the fourth quarter amounted to $2.73 billion (2023: Operating Loss of $7.16 billion).

Profit before Taxation for the twelve months ended September 30, 2024, had a 130% increase to reach $28.33 billion (2023: $12.34 billion). Taxation for the twelve months amounted to $5.08 billion, a 32% increase from the Taxation of $3.84 billion reported in 2023. For the fourth quarter, Taxation was $673.00 million (2023: Taxation credit of $824.00 million).

Net Profit increased by 174% to $23.25 billion (2023: $8.50 billion). Net Profit for the quarter totalled $2.17 billion relative to the Net Loss of $6.29 billion booked in the prior year’s quarter.

Net Profit Attributable to Shareholders for the period totalled $15.02 billion, relative to the $3.29 billion reported twelve prior. For the quarter, Net Profit Attributable to Shareholders amounted to $1.35 billion compared to the Net Loss Attributable to Shareholders of $8.21 billion reported in 2023.

Consequently, Earnings Per Share for the twelve months amounted to $5.81 (2023: EPS: $2.94), while Earnings Per Share for the quarter totaled $0.52 (2023: LPS: $3.18). The number of shares used in these calculations was 2,583,804,847.

Notably, NCBFG’s stock price closed the trading period on November 14, 2024, at a price of $50.49 with a corresponding P/E ratio of 5.61x.

Balance Sheet Highlights

The company’s assets totalled $2.32 trillion (2023: $2.20 trillion). This increase was attributable to ‘Investment Securities’, which amounted to $917.86 billion (2023: $830.38 billion).

Shareholders’ equity was $212.90 billion (2023: $171.53 billion), representing a book value per share of $67.52 (2023: $55.31).

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