National Commercial Bank (NCB) ended its financial year with profit totalling $14.4 billion.

That’s $2.1 billion or 17.5 per cent more than profit posted for its financial year end September 2015.

“This year can be summarised as dynamic and eventful, as we sought to capitalise on the opportunities in our business environment to further drive our successes as an organisation,” Group Managing Director Patrick Hylton said in accompanying statements to NCB’s fourth-quarter results.

“The 2015/16 financial year also represented the final year of our 5 in 5 strategy, where we set out to become one of the top five financial institutions in the English- and Spanish-speaking Caribbean.”

Described as the island’s most profitable bank, NCB stated that the year’s profit is attributable to the successful execution of company strategy which resulted in solid sales performance, improved efficiency, and ongoing cost management.

The group made more profit based on growing revenues to $52 billion for the year, compared to $47.4 billion a year earlier.

Commercial banking activities — comprising the retail division, payments services, corporate banking and treasury and corresponding segments — produced combined operating profits of $12.2 billion for the financial year ending September 2016. That’s an increase of 26.9 per cent, or $2.6 billion, when compared to the prior year.

NCB’s Treasury and Correspondent Banking segment was the largest contributor to operating profit for the period, which produced operating profit of $5.8 million.

NCB is incorporated in Jamaica with 50.98 per cent held by AIC Barbados Ltd. The ultimate parent company is Portland Holdings Inc, incorporated in Canada and controlled by Michael Lee-Chin, chairman of the bank.