Clarien profits surge to $7.3m

  • Clarien Bank: profits soared in the first nine months of last year (File photograph)

    Clarien Bank: profits soared in the first nine months of last year (File photograph)

Clarien Bank Ltd announced a net profit of $7.3 million for the first nine months of last year.

In a statement the bank said the profit was 126 per cent up on the previous 12 months.

Clarien has changed its financial reporting date to September 30 to align with that of its majority shareholder, NCB Financial Group, so the nine-month figures for 2018 are compared with the calendar year 2017.

Earnings per share for the nine months were $1.47, up from 78 cents in 2017, while Clarien’s efficiency ratio, its overhead expressed as a percentage of revenue, improved to 77.9 per cent from 82.4 per cent.

In December 2017, NCBFG acquired a 50.1 per cent equity stake in Clarien Group Ltd, the bank’s parent company, while Edmund Gibbons Ltd retains 31.98 per cent and Portland Private Equity retained 17.92 per cent. Both NCBFG and Portland are controlled by Jamaican-born billionaire Michael Lee-Chin.

Clarien stated: “The integration and consolidation process with National Commercial Bank Jamaica, a wholly owned subsidiary of NCBFG, which started in the early part of 2018, has already achieved improved cost and operational efficiencies.

“This process will continue throughout 2019 and will further strengthen the bank’s core infrastructure and operations to support growth and long-term sustainability.”

Clarien added that it was encouraged by the reduction in non-performing loans — being loans past due by 90 days or more, plus impaired loans — since 2015.

Ian Truran, the bank’s chief executive officer, said: “The outlook for Clarien Bank is extremely positive. The consolidation of our partnership with NCB continues to present opportunities for revenue growth and optimised performance as we pursue our vision of building a world-class digital client experience, accelerating regional expansion and reinventing our core business.

“Our partnership is focused on adding deeper value in wealth and asset management, corporate banking, treasury and back office integration to drive growth, efficiency and greater customer satisfaction that will strengthen the reputation of both companies as world-class financial institutions.”

Last month NCBFG and its subsidiaries, including Clarien Group, announced record net profits of $28.6 billion Jamaican ($215 million) for the financial year ended September 30, 2018, compared to $19 billion Jamaican ($143 million) recorded in 2016-17.

You must be registered or signed-in to post comment or to vote.

Published Jan 7, 2019 at 1:08 pm (Updated Jan 7, 2019 at 11:01 pm)

Clarien profits surge to $7.3m

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon

  • Take Our Poll

    • "What is the most significant reason for Bermuda residents choosing to leave the island?"
    • Too small
    • 3%
    • Different way of life
    • 4%
    • Cost of living
    • 77%
    • Gang activity and general crime
    • 3%
    • Jobs/professional advancement
    • 8%
    • Education
    • 2%
    • Attitudes towards gays
    • 3%
    • Total Votes: 5235
    • Poll Archive

    Today's Obituaries

    eMoo Posts