Clarien majority owner reports $58m profit
Updated: Jan 28, 2019 01:09 PM
Earnings report: NCB Financial Group has announced first quarter results, showing a $58 million net profit. NCB, which has a 50.1 per cent stake in Clarien Group, is owned by Jamaican billionaire Michael Lee-Chin’s Portland Holdings (File photograph)
Clarien Group majority owner NCB Financial Group Limited has reported a first quarter net profit of $58 million (7.4bn JMD) for the company and its subsidiaries for the three months that ended on December 31.
That is a 1 per cent decline on the prior year, which had included a gain related to the December 2017 acquisition of a 50.1 per cent equity stake in Clarien Group Limited, the parent company of Clarien Bank.
NCB Financial Group is the financial holding company of National Commercial Bank Jamaica Limited, and is owned by Jamaican billionaire Michael Lee-Chin’s Portland Holdings.
