NCB profits significantly from Guardian acquisition

National Commercial Bank (NCB) continues to rake in mega profits, particularly from its recent majority acquisition of Guardian Holdings Limited.

NCB pulled in net profits of $21.3 billion for the nine months ended June 30, which translates to net profit attributable to stockholders of $20.7 billion, — an increase of $87 million over the prior year.

NCB recorded another strong quarter with net profits attributable to shareholders of $8.3 billion, based on its just- released financial results for the quarter ended June 30.

At its quarterly investors’ briefing on Friday, NCB reported that the strong profit for the period was bolstered by the consolidation of two months of Guardian Holdings’ income, coupled with the gain on remeasurement of the previous associate interest.

This amounted to $2.3 billion based on the remeasurement of the associated interest in Guardian Holdings.

In May this year NCB completed the acquisition of 74.2 million ordinary shares in Guardian Holdings, increasing its stake from 29.97 per cent to 69.96 per cent.

The net result from banking and investment activities for the quarter was $55.8 billion, a $6.4- billion or 13 per cent increase over the comparative period last year. The improved performance was driven by a $6.9 billion or 27 per cent increase in net interest income. more