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NBS profits exceed $500M in 2009

Mar 30, 2010 News

The New Building Society Ltd., according to its financial statements for the year passed, has secured a profit of $535M, an increase of 9.7 per cent over the profits secured in 2008.
The Society has come a long way from 1983 when assets just topped the $100 million mark to achieving an asset portfolio that adds up to almost $38B in 2009.
The Society has some $4.5B in cash resources for 2009, gaining $356M over 2008. Of note is the fact that the Society’s cash and cash equivalents jumped from $116M to $437M over the course of 2009.
Although their investments have dropped by some $240M, this has been more than outweighed by an increase in loans of $1.9B as well as growth in terms of property and other assets amounting to some $335M – construction of the company’s multimillion dollar headquarters are currently underway, adding to the Society’s asset portfolio.
Of their $2.2B interest generated income for the year, almost $1.45B came from interest earned on loans with the remainder arising from investments and cash resources.
During the past year, the society was immersed in a flurry of media coverage when a number of issues came to the fore.
In early 2009, the company bought some $1.5B in shares from the ailing Colonial Life Insurance Company – CLICO (Guyana) causing serious concern amongst shareholders who felt that the investment was not to the benefit of the company’s bottom line amongst other issues.
There was also speculation by the professional accounting community that there might be a run on the institution after President Bharrat Jagdeo announced in November 2009, that NBS had reached its limit and could no longer handle the demand for mortgages.
It would appear however, that the Society has not only weathered the year but has even managed to show a significant increase in assets and profits over the previous financial year.

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