Kingston, Jamaica – August 9, 2024: NCB Financial Group Limited (NCBFG) reported strong performance for the nine months ended June 30, 2024, marking a significant stabilisation in its financial results. The Group’s net profit for the period surged by 79% year over year to $21.1 billion, while net profit attributable to stockholders of the parent rose by 61% to $13.7 billion. Earnings per share also climbed to $5.79 from $3.70 in the same period last year. Chairman of NCBFG, the Hon. Michael Lee-Chin stated, “The progress we have shown over the past four quarters - in terms of Efficiency, Governance and Customer Experience - is tangible evidence that the re-tooling of NCBFG is taking root.” Strategic Focus and Core Strengths In his opening remarks during NCBFG’s virtual Investor Briefing, CEO of NCBFG, Robert Almeida, highlighted the Group's recovery and forward momentum. "After a period of significant changes, our performance has stabilised and is now poised for steady growth. This quarter’s results are evidence of our resilience and the strength of our strategies, as we continue to grow core recurring earnings while reducing volatilities through robust risk management." Almeida also noted the Group's clear strategy, which leverages its scale—spanning assets of $2.3 trillion across over 20 countries in the region—to provide cost-efficient financial solutions to customers. "Our unrelenting focus on Efficiency, Governance, and Customer Experience is driving our success," Almeida noted. "We are also realising the potential synergy of the region’s leading banking and insurance groups in creating wealth for our clients through world-class financial advisory capabilities." Performance Overview and Capital Initiatives The Group’s Insurance segment was another key driver of growth, with net revenues increasing by 50% to $36.9 billion. Since October 1, 2023, the Group has been reporting insurance contracts under IFRS 17 – Insurance Contracts. This new standard led to major changes in the recognition, measurement, and presentation of these contracts. Almeida further reported progress on the capital allocation front, with the execution of the Clarien (Bermuda) share sale agreement, the completion of the APO raising $2.5 billion, and the impending sale of the Group's banking subsidiary in the Cayman Islands, subject to regulatory approval. These initiatives, along with internal capital reallocation, are set to bolster the strength and efficiency of NCBFG’s substantial capital base. Reflecting on the Group's response to Hurricane Beryl, Almeida praised NCBFG’s systems and teams for their strength and agility. "Despite the challenges posed by the hurricane, our systems demonstrated remarkable reliability. NCBJ (National Commercial Bank Jamaica Limited), our major banking subsidiary, was the first bank in Jamaica to resume branch operations post-hurricane, and Guardian swiftly processed claims to ensure business continuity for our clients." In response to the devastation, NCBJ and N.C.B. Foundation launched the $150 million matching Building a Better Jamaica Fund to drive relief efforts in the hardest-hit areas of Jamaica. "I am proud to share that, with the support of our donating and fundraising partners, we surpassed our target, providing over $300 million in relief and recovery support," Almeida shared. He also extended gratitude to fundraising partners such as the American Friends of Jamaica, BREDS Treasure Beach Foundation, Food for the Poor, and the Jamaica Social Stock Exchange, Global Empowerment Mission (GEM) among others, for their invaluable contributions.” As NCBFG looks to the future, Almeida reaffirmed the Group's commitment to reducing the cost-to-income ratio and becoming a low-cost leader in the industry. "We remain focused on executing our strategies with precision, adhering to our approach of 99% execution and 1% strategy. Our dedication to wealth creation and extracting synergies between our NCB and Guardian subsidiaries remains steadfast."
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About NCB Financial Group Limited NCB Financial Group Limited (NCBFG) is one of the strongest financial powerhouses in the Caribbean, with a footprint in 20+ territories across the region. Through its subsidiaries, it offers an array of financial services including personal and commercial banking, wealth management and investments, life and general insurance, fintech and treasury & correspondent banking for individuals and companies. Incorporated in April 2016, NCBFG is the financial holding company for Clarien Group Limited, NCB Global Holdings Limited, Guardian Holdings Limited, and National Commercial Bank Jamaica Limited (NCBJ), and NCBJ’s wholly owned subsidiaries NCB Capital Markets Limited, and NCB Insurance Agency & Fund Managers Limited (NCBIA). For further information, visit www.myncb.com