August earnings remained mixed across sectors amid ongoing operational and economic challenges. Among the banking and financials First Citizens Group Financial Holdings (FCGFH) and NCB Financial Group (NCBFG) underperformed relative to their peers, reporting declines in profit for the period. First Citizens’ results were weighed down by rising funding costs, tightening liquidity conditions and the commercial asset levy, despite resilience in its core operations, while NCB’s earnings were impacted by lower gains on foreign currency and investment activities as well as the absence of one-off gains recorded the year prior. ANSA Merchant Bank Limited (AMBL), meanwhile, recorded double digit growth in profit, with pre-tax income rising 32%, driven primarily by growth in the Banking and Wealth Management segment. JMMB Group Limited’s (JMMBGL) earnings were also lifted, having benefitted from an increased share of profit from associates, namely Sagicor Financial Company.
