NCB Financial Group Limited (NCBFG) Signals Strength and Growth at AGM

Kingston, Jamaica – February 13, 2025: NCB Financial Group Limited (NCBFG) reinforced its position as a regional financial powerhouse at its Annual General Meeting (AGM), reporting strong financial results, improved operational efficiency, and key leadership appointments. The meeting, marking the first blended in-person and virtual AGM since 2020, underscored the Group’s commitment to restoring eminence, attracting top talent, driving sustainable growth and delivering on customer-focused strategies.

Chairman Hon. Michael Lee-Chin opened the meeting by introducing new Executive Vice Presidents and welcoming the Board of Directors—both returning and newly appointed members—as a testament to NCBFG’s robust governance and ability to attract the best minds in the industry. He emphasised the Group’s steadfast commitment to driving growth, leveraging synergies, and creating wealth pathways for customers and stakeholders alike.

NCBFG also announced its results for the first quarter of the 2025 financial year, reporting a consolidated net profit of J$5.1 billion, reflecting the Group’s focus on efficiency, cost management, and revenue growth. Among the key financial highlights:

• Cost-to-income ratio improved from 81.44% to 73.57%, signaling stronger operational efficiencies
• 6% increase in equity attributable to stockholders of the parent, reinforcing financial stability.
• Operating income increased by 13% to 35.2 billion, while net profit attributable to stockholders of the parent increased by 114% to J$2.6 billion

Robert Almeida, CEO of NCBFG, reaffirmed the Group’s ongoing commitment to operational excellence and customer-centric solutions. "We are not just in the business of selling financial products; we are in the business of solving problems, creating opportunities, and building trust. Our disciplined approach has strengthened our foundation, allowing us to deliver greater value to customers and shareholders alike," he said.

Chief Financial Officer, Malcolm Sadler, reinforced the Group’s strong outlook, noting that the overall performance for the first quarter ended December 31, 2024 resulted in an improvement in certain key metrics. Annualised return on assets increased to 0.89% from 0.54% and annualised return on equity improved to 6.17% up from 3.27%.

Looking ahead, Almeida emphasised NCBFG’s focus on five key pillars:

1. Enhancing customer relationships through seamless, personalised financial solutions.
2. Investing in innovation to drive digital transformation and operational efficiency.
3. Expanding financial access to support entrepreneurs and MSMEs.
4. Strengthening governance and leadership to sustain long-term growth.
5. Delivering shareholder value through disciplined financial management.

"With a strong foundation and a clear vision, NCBFG is positioned to be the financial services partner of choice across the region," Almeida ended.

NCBFG’s AGM marked a pivotal moment for the Group—one of renewed confidence, strategic clarity, and a commitment to building a future of financial empowerment and economic growth.

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