The NCB Financial Group is reporting that the wages, salaries and allowances paid to its workers tumbled to $1.64 billion last year from the restated amount of $5.32 billion recorded in 2022, before the separation of Patrick Hylton and Dennis Cohen as its two top level executives.
The group adds that the steep fall in compensation was recorded, although the bill included wages for the new CEO Robert Almedia and CFO Malcolm Sadler.
This contributed to the generation of $21 billion in net profits during the last financial year, despite a large write-down due to International Financial Reporting Standard 18, which deals with reporting of insurance income.
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