National Commercial Bank (NCB) announced yesterday, that effective August 2010, the bank will cut its base lending rate by three percentage points, moving it to 17.75 per cent from 20.75 per cent. NCB now joins FirstCaribbean and Scotiabank in reducing interest rates.
NCB’s announcement was made yesterday along with the release of the banking group’s nine-month results to June 30, 2010, which reflected a 10% increase in net profits (to $8.08 billion). Notably, the bank’s loan portfolio fell by J$3.9 billion to $85.1 billion, which it said was due to a “reduction in the rate of loan growth, as well as the effect of the appreciation of the Jamaican dollar.
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August 18th, 2010 at 4:23 pm
[...] Bank, Jamaica’s smallest commercial bank, has joined its larger peers – ScotiaBank and National Commercial Bank – in reducing loan rates. Effective September 1, 2010, First Global’s base rate will be [...]
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