NCB profit nearly doubles for quarter, falls for year, ahead of Mair handover

NCB Financial Group Limited reported net profit of $7.33 billion for the September quarter, nearly double the restated $3.81 billion of a year earlier, in the final set of results before Julian Mair becomes group chief executive on Tuesday.

“The group maintained positive momentum across its core banking and insurance businesses, benefiting from the diversity of its operations and continued discipline in managing expenses,” stated the group in its financials released on Thursday. “While investment results were affected by market volatility, the strength of the underlying businesses continued to support earnings resilience and position the group for sustainable growth and long-term value creation.”

For the full year, the group generated profit of $25.9 billion, or 24 per cent less than the restated $34.26 billion earned a year earlier. The fall reflects a one-off $15.1 billion gain booked in the prior year on the sale of the group’s Netherlands insurance brokerage business.