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News

NCB Financial Group Limited (NCBFG) Raises $2.5 Billion in APO

07/06/2024 00:00:00   |  

Kingston, Jamaica – Friday, June 7, 2024: NCB Financial Group Limited (NCBFG) has successfully received applications for $2.5B in its recently completed Additional Public Offering (APO). This represents the largest APO raise since 2022.

While NCBFG sought to raise approximately $5B, the company considers the achievement significant within the context of the prevailing monetary policy environment and the challenges it poses for equity capital markets. Robert Almeida, CEO of NCBFG, expressed both optimism and realism: "The APO proceeds are intended to reduce debt and strengthen capital flexibility at the financial holding company. Our key operating businesses: National Commercial Bank, Guardian Insurance and Clarien Bank are all performing well and combined are contributing 30 – 40% of consolidated earnings to the holding company. At current run rates the shortfall in the raise should be generated from earnings over 4 – 6 months and is not expected to significantly impact our plans for the coming year.”

NCBFG’s APO is just one of several strategies the Group is pursuing to recalibrate the business and position itself for future opportunities. Under the banner of Efficiency, Governance and Customer Experience the Company has over the past seven months eliminated $8B in recurrent annual expenses, reallocated $15B of surplus capital within the Group and has divested its noncore banking business in the Cayman Islands, the sale of which is currently undergoing review by regulators. The success of these initiatives is evidenced by the Group’s financial results for the quarter ended March 31, 2024, where Consolidated Net Profit (attributable to stockholders of the parent) increased by 74% year over year to $5.6B.

Commenting on the performance of the APO, Angus Young, CEO of Lead Broker and Arranger, NCB Capital Markets Limited (NCBCM), noted “Participation in the APO was vibrant, with over 3,000 applications received. Of note, employees of NCBFG oversubscribed the Employee Reserve Pool and these investors have an intimate understanding of the Group and its potential. We are further encouraged by the overwhelming support from the broker community in Jamaica who participated as selling agents and shared their independent valuations of the company – all of which ascribed intrinsic valuations in the mid to high $70’s per share. This demonstrates strong market confidence in NCBFG's strategic direction and future prospects."

Robert Almeida thanked NCBCM, the broker community and investors participating in the APO for their support, and concluded, "As we look ahead, NCBFG is focused on continuing the disciplined execution of our strategies to leverage our asset base of $2.2 trillion and capitalise on our unrivalled scale across 21 countries and breadth of offerings, to create wealth for our clients, shareholders, and communities. We thank all of our supporters for their continued confidence in us."

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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 offshore banking subsidiaries, 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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NCB Financial Group Limited
32 Trafalgar Road | Kingston 10 | Jamaica W.I.
www.myncb.com
For investor related queries email: [email protected]

Belinda Williams, Corporate Affairs Lead
Tel: 876-470-9878 | Email: [email protected]
 
Julia Wong-Brooks, Head - Investor Relations Manager
Tel: 876-364-5026 | Email: [email protected]

 
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