NCB Financial Group Limited ("NCBFG") and its flagship subsidiary, National Commercial Bank Jamaica Limited ("NCBJ"), are pleased to announce that S&P Global Ratings has revised the outlook on both entities’ long-term issuer credit ratings to Positive from Stable, while affirming the existing ratings of ‘B-/B’ for the Group and ‘BB-/B’ for the Bank.
This outlook revision follows S&P’s upgrade of Jamaica’s sovereign rating to ‘BB’, reflecting the country’s sustained fiscal discipline, strengthened institutional frameworks, and robust macroeconomic management.
S&P highlighted that Jamaica’s banking sector continues to demonstrate resilience, supported by conservative lending practices, stable asset quality, and prudent regulatory oversight. Within this context, NCBJ remains the largest financial institution in Jamaica, with a well-diversified business model, solid funding base, and consistent revenue generation. The wider NCB Financial Group also benefits from geographic diversification, with operations in Bermuda and Trinidad & Tobago contributing to stable group performance and enhanced regional strength.
The Positive outlook reflects the potential for an upgrade within the next six to 18 months, contingent on continued economic progress and sustained credit fundamentals across the Group.
Robert Almeida, Group Chief Executive Officer, stated: "S&P’s revised outlook is a strong endorsement of the disciplined execution of our strategy and the strength of our business model. As we continue to drive efficiency, uphold the highest standards of governance, and enhance customer experience across our markets, we remain focused on creating sustainable value for our shareholders and strengthening financial stability across the region."
NCBFG and NCBJ remain committed to delivering consistent performance and pursuing world-class standards, reinforcing their role as leaders in regional financial growth and stakeholder value creation.
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About NCB Financial Group
NCB Financial Group Limited was incorporated in April 2016 to be licensed under the Banking Services Act as the financial holding company for National Commercial Bank Jamaica Limited ("NCBJ"). The NCB Group is the largest and most profitable financial services group in Jamaica, with roots dating back to 1837. Through the bank (NCBJ) and the Group’s wealth management, life and general insurance, and banking subsidiaries in the region, the NCB Group provides a wide array of financial products and services to meet the needs of individual and business clients. The NCB Group includes NCBJ, NCB Capital Markets Limited and its subsidiaries in Barbados and Cayman, NCB Insurance Agency & Fund Managers Limited, NCB (Cayman) Limited, TFOB (2021) Limited, Clarien Group Limited and its subsidiaries in Bermuda, Guardian Holdings Limited and its subsidiaries as well as NCB Merchant Bank (Trinidad and Tobago) Limited in Trinidad and Tobago.
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