NCB Group Records Marginal Dip in Profits
- For the six months ended March 31, 2019, NCB Financial Group reported an unaudited net profit of $12.2Bn (EPS: $5.07) which represents an 11.1% decline relative to the $13.9Bn (EPS: $5.63) recorded in the corresponding period of 2018.
- This decline in profit was partly attributable to a 13.7% increase in operating expenses as a result of expenditure in various areas including the implementation of a digitization strategy and improvement of customer experience. The rise in operating expenses was also driven by amortization of intangibles following the acquisition of Clarien, with no comparable charge in the prior year.
- The stock has fallen 3.01% since the start of the calendar year. The stock closed at $144.73 yesterday and currently trades at a P/E of 13.4x earnings which is below the Main Market Financial sector average of 17.6x.
(Source: NCB Group Financials)