NEWSROOM

Friday, February 26, 2010
NCB boasts solid performance at AGM 2010

(l-r) NCB Chairman, Hon. Michael Lee-Chin and NCB Group Managing Director, Patrick Hylton attentively field questions from the audience at the 2010 Annual General Meeting

National Commercial Bank Jamaica Limited (NCB) boasted a strong year end performance at its recently concluded Annual General Meeting for shareholders in Kingston.

Group Managing Director, Patrick Hylton gave the main address which included a presentation of the 2009 year end and first quarter 2010 results. The NCB boss stated that the “NCB Group weathered, quite well, the choppy economic conditions that characterized the external environment during our 2009 financial year,” a point one would be hard-pressed to debate when assessing the reported $10.248B net profit which represents an 18% year over year increase. The 09/10 FY, while impacted by similar environmental concerns, is off to a good start with a net profit of $2.77 billion for the quarter ended 31 December 2009. This represents an increase of $388 million or 16.3% when compared to the corresponding period.

In his summation, Hylton reiterated, “I feel confident in declaring that NCB epitomizes a Financial Fortress of which all Jamaica can be proud.  This is a home-grown entity which has proven itself to be capable of withstanding a variety of economic shocks and of keeping its stakeholders’ interests safe.” Shareholders echoed the Executive Director’s sentiments during the Question and Answer segment of the agenda.

NCB, always keen on innovation as an integral ‘pillar of success’, showcased yet another first at the meeting by having live streaming of the event on the internet.. It is reported that shareholders from Barbados, Trinidad and the USA were able to view the event remotely and in ‘real time’ via their corporate website (www.jncb.com/AGM2010). Viewers lauded the Bank for the unprecedented access and transparency that has become a hallmark of the institution. It is estimated that the leveraging of technology in this way will result in significant savings by not staging a similar event abroad for the benefit of its shareholders outside of Jamaica.

Ordinary Business
Chairman, Hon. Michael Lee-Chin, OJ, and Directors Dr. Nigel Clarke and Thalia Lyn offered themselves up for re-election and the resolutions were passed.
 

NCB continues to be the largest and most profitable commercial bank in Jamaica when measured by profit, assets and branch network.