As the global economies are returning to a slow and oft hiccup riddled recovery post-recession, the ripple effects can have been felt on the home front too. Only seven (7) of the Businessuite Top 20 Most Profitable listed companies were able to post positive growth in profits after tax for 2010 over 2009.

Topping the list was Kingston Wharves with a whopping 294.38% increase followed by The Gleaner Company with 106%.

GraceKennedy Limited which topped our Top 20 Largest Companies by Revenue ranking dropped to 6^th position on the back of an 11.99% percent reduction in profits for 2010 over 2009.

The Businessuite Most Profitable Jamaican Company for 2010 based on profits after tax is National Commercial Bank Jamaica (NCB) with 8.07% increase in 2010 over 2009.

NCB, which has its genesis over 170 years, when in 1837 the Colonial Bank of London, England, opened its doors on Harbour Street in Kingston. Through a series of mergers and acquisitions, the Bank eventually became known, in 1977, as National Commercial Bank Jamaica Limited.

Today trading on both the Jamaica and Trinidad & Tobago Stock Exchange, NCB has grown to become Jamaica’s largest financial services provider with 37.5% market share by assets of the commercial banking sector (as at March 2010).  NCB provides a wealth of financial services through its network of 42 locations and over 170 ABMs across Jamaica.

The banking institution has strong and visionary leadership at the helm, Chairman of the company Michael Lee-Chin, who has over who 32 years experience in financial services. He is also the Chairman and President of Portland Holdings Inc. and Chairman of NCB Jamaica Limited.  Portland Holdings Inc. is a privately held investment company which manages public equity, private equity as well as having direct ownership interest in a collection of diversified businesses operating in sectors that include media, tourism, health care, telecommunications and financial services.

Patrick Hylton, Group Managing Director for National Commercial Bank Jamaica Ltd

Patrick Hylton, Group Managing Director for National Commercial Bank Jamaica Ltd has the unique distinction, no doubt among many others, as the only CEO to appear on every list and ranking of the Businessuite Top 10 CEO, since it was first published in 2005.

In his 2010 report to shareholders he cited The Jamaica Debt Exchange (JDX), as the most game changing of all 2010 events, which saw the holders of high yielding Government of Jamaica bonds exchange those for Bonds with lower yields and longer maturities. “This programme was fully supported by NCB as we knew this was in the best interest of the nation.”

Recognizing the significant impact the JDX could have on NCB’s financial affairs, he was proactive in undertaking a number of initiatives to enhance revenue, contain costs and maintain a strong capital base and liquidity. “This is how we were able to deliver another successful financial year for our shareholders,” Mr. Hylton said. “We are grateful for the support of our directors, staff, customers and other stakeholders who helped to make this a reality.”

Last year Mr. Hylton indicated that he was on a mission to build the company’s financial fortress, believing strongly that it was is in the best interest of all stakeholders that NCB continue this process. This financial fortress he suggested afforded NCB two main things.

1. The opportunity to maintain and develop the capabilities of the largest private sector workforce in the country and provide solid returns to shareholders
2. Allows NCB to increase investments in community service activities and serve as a solid source of tax revenues for government to support key programmes.

“For the year ended September 30, 2010, we have demonstrated in many ways our desire to continue to meet the financial needs of our customers. We led the market in lowering auto loan rates to 16.95% and were the first to introduce the 9% FARM loan to help foster growth within our agricultural sector. Another key initiative was our Cut Your Bank Fees campaign which helped our customers reduce and eliminate banking fees by accessing low cost banking channels. We also continued our Money Matters campaign, which is geared towards helping NCB customers with budgeting tools and tips, saving options and debt consolidation.”

Patrick Hylton first received local and international acclaim when he was appointed to a leading role by the Government in the rehabilitation of the Jamaican financial sector during the mid 1990s. The wealth of his experience in all facets of the financial services industry led to him being named the Managing Director of FINSAC for five (5) years, where he had responsibility for the re-structuring and divestment of intervened financial institutions and the acquired assets. His successful completion of that undertaking culminated in the national award of the Order of Distinction, Commander Class, being bestowed on him by the Governor General of Jamaica in 2002.

In 2002 he joined National Commercial Bank Jamaica Limited (NCB), as the Deputy Group Managing Director, where his responsibilities included the Bank’s investment and insurance subsidiaries. On December 1, 2004 Mr. Hylton was appointed the Group Managing Director of NCB and since then he has led the organization to achieve record growth in profitability.

The Businessuite Top 20 Most Profitable Jamaican Companies for 2010 used methodology to rank companies according to financial year 2010 data published by the Jamaica Stock Exchange.

In terms of ownership all companies in the list are publicly quoted and traded on the Jamaica Stock Exchange.