National Commercial Bank (NCB) has raked in $8 billion in profit for the first nine months of its financial year.
This was $742 million or a 10% increase over the figure recorded during the corresponding period last year.
Despite the negative effects of the Jamaica Debt Exchange on the financial sector the country's largest commercial bank managed to increase its earnings.
Total operating revenue increased by nearly $2 billion to $21.7 billion.
But it was not all good news for NCB.
The bank's loan portfolio declined by $3.9 billion to $85 billion.
This was due to a reduction in the demand for credit as well as the appreciation of the Jamaican dollar.
More than 50% of NCB’s loan portfolio is denominated in US dollars.
There was also a further increase in the bad debt portfolio.
Non-performing loans totalled $3 billion at the end of last month versus $2.2 billion during the corresponding period last year.
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