NCB Financial Group - 2024 Annual Report

Our Business in Brief

2024 – A Year of Connection and Growth through disciplined execution of our Efficiency, Governance and Customer Experience Framework, NCB Financial Group strengthened its regional prowess by focussing on:

Operational efficiency – Achieved a 10% reduction in consolidated operating expenses.
Income diversification – Delivered a 180% growth in net profits, reflecting robust financial performance.
Governance excellence – Governance excellence – Bolstered its board of directors with the addition of global talents and skillsets. Additionally, the regulated entities enhanced capital adequacy to support business growth and strategic initiatives.

Strategic milestones such as the divestment of non-core assets and continued focus on wealth management in Bermuda and the Cayman Islands underscore our commitment to connecting opportunities, optimising resources and delivering exceptional value to stakeholders.

Looking Ahead

As NCBFG continues to connect people, businesses and markets, our strategic focus remains steadfast: leveraging our network, expertise and innovation to create sustainable growth and strengthen our legacy as a regional powerhouse and restoring pre-COVID financial performance benchmarks.

Our Group

Clarien Entities

Clarien Group, one of Bermuda’s largest independent, privately owned financial services organisations, provides an integrated suite of personal, commercial, and private banking solutions.

NCB Entities

The NCB sub-group, anchored by National Commercial Bank Jamaica Limited (NCBJ), and its subsidiaries — NCB Capital Markets Limited, NCB Capital Markets (Barbados) Limited, and NCB Insurance Agency & Fund Managers Limited (NCBIA) — delivers banking, payment services, wealth management, pensions, and asset management across Jamaica, Barbados, and Trinidad and Tobago.

Guardian Entities

Guardian Group stands as a regional leader in life, health and general insurance, alongside pensions and asset management services. Guardian Group maintains a strong regional presence and has cemented its position as a trusted partner in financial security and wealth creation.

Operating Groups

Banking & Investment Activities

Consumer & SME Banking

Personal Banking

Private Banking

Commercial Banking

Lending/Credit

Deposits

Corporate & Commercial Banking

Personal Banking

Private Banking

Commercial Banking

Lending/Credit

Deposits

Payment Services

Credit Card Issuing

Cards Acquiring

Mobile Wallet (Electronic Payments)

Treasury & Correspondent Banking

Liquidity Management

Correspondent Banking

Wholesale Funding

Foreign Exchange Management

Wealth, Asset Management & Investment Banking

Regional Asset Management

Investments

Corporate FInance Services

Investment Banking

Brokerage Services

Insurance Activities

Life & Health Insurance and Pension Fund Management

Individual and Group Life Insurance

Health Insurance

Property Insurance

Annuity Products

Pension Fund Management

General Insurance

Individual and Group Life Insurance

Health Insurance

Property Insurance

Annuity Products

Pension Fund Management

Chairman’s Message

Hon. Michael Lee-Chin, OJ

Chairman

Chairman’s Message

Hon. Michael Lee-Chin, OJ

Chairman

Connecting for Growth, Building for Tomorrow

At NCB Financial Group, we see our role as more than just a financial services provider. We are nationbuilders, committed to creating wealth and driving socioeconomic growth across the regions we serve. Guided by our belief in “Prosperitas cum Caritate” (prosperity with care), we emphasise doing well while doing good.

Our engagements with communities — through town halls, customer outreach, and partnerships with schools and businesses — reflect our dedication to fostering financial literacy, inclusion, and sustainable growth. These efforts not only strengthen the financial ecosystem, but also empower individuals and businesses to realise their potential with a multiplier effect for us to do well and deliver on our purpose.

DELIVERING ON PROMISES

In last year’s report, I posed a critical question: What is the maximum value added we can provide? My answer was rooted in two commitments — delivering consistent dividends and building unwavering trust. I am proud to share that we are making good on this pledge.

Starting December 2023, we resumed regular quarterly dividend payments, a clear testament to our financial strength, sound business practices, and strong capital position. Importantly to us, this achievement underscores our commitment to rewarding your trust while ensuring a stable foundation for long-term growth.

CONNECTING THROUGH VISION AND PURPOSE

The Caribbean is a region of immense opportunity. With a population of over 44 million people, an increasingly entrepreneurial spirit, and a growing digital economy, the potential for financial services to foster wealth creation is unparalleled.

By connecting our products, services, and expertise to the unique needs of the region, we are unlocking pathways to economic empowerment and wealth creation.

However, this journey requires more than just operational excellence. It demands a vision that prioritises empathy, caring, inclusivity, resilience, and sustainability. At NCBFG, we strive to be standard-bearers for nation-building and wealth creation, fostering environments where individuals and businesses alike can thrive.

CONTINUING GROWTH WITH EGC

To achieve our ambitious goals, we continue to embrace the Efficiency, Governance, and Customer Experience (EGC) framework as a cornerstone of our operations. This framework ensures that every decision, investment, and initiative is underpinned by efficiency, ethical governance, and a firm focus on customer satisfaction.

Through EGC, we have streamlined processes, adopted innovative technologies, and built robust governance structures that enhance transparency and accountability; this enhanced governance focus is demonstrated through our Board appointments

as we seek to further strengthen our Board with more independent directors and diverse skill sets applicable to our industry. This disciplined approach positions us as leaders in financial services, not just in the Caribbean but beyond.

BUILDING WEALTH, SHAPING FUTURES

Our vision is clear: wealth creation for all. Whether helping a young family secure and safeguard their first home, supporting entrepreneurs in expanding their businesses, contributing to community development projects, or helping people to rebuild after major natural disasters - such as Hurricane Beryl, we are committed to fostering prosperity that transcends generations.

We also recognise that building trust is an ongoing journey. It requires consistent results, transparent communication, and a deep understanding of the evolving needs of our stakeholders. This year, across our businesses we have made significant strides in these areas, and we remain steadfast in our commitment to continuous improvement.

A FUTURE OF CONNECTION AND POSSIBILITY

As we look ahead, the opportunities before us are vast. By leveraging our business and the region’s inherent strengths, embracing innovation, and staying true to our values, we are poised to lead the way in shaping a brighter, more connected future for the Caribbean and beyond.

To our shareholders, employees, customers, and communities: Thank you for your trust, loyalty, love and partnership. Together, we are creating a legacy of shared success, grounded in purpose, caring and driven by possibility.

With gratitude and determination.

CEO's Message

Robert Almeida

Group Chief Executive Officer

CEO's Message

Robert Almeida

Group Chief Executive Officer

Connecting for Growth

In our business, the true measure of success lies in the connections we foster — bridging people, systems, and opportunities to create value. Over the past year, NCB Financial Group Limited has demonstrated how meaningful connections drive resilience, stability, and growth across our banking, insurance, and wealth management businesses.

Coming out of a challenging period marked by economic recovery, organisational transformation, and natural disasters, we committed to stabilising our operations and delivering on our promises. Today, we stand on a foundation of renewed strength, ready to leverage this stability to accelerate growth.

STRONG FOUNDATIONS, SUSTAINABLE GROWTH

In 2024, NCBFG delivered key financial metrics that reflect our commitment to efficiency, governance, and customer experience:

Capital Ratios: Exceeding regulatory requirements.
Cost-to-Income Ratio: Reduced to 73.6% (vs. 87.4% last year).
Return on Equity (ROE): Improved to 8.5%.
Net Profit: $21.6 billion, a year-over-year growth of 180%.
Gross Revenue: $323.8 billion, up 11% over 2023

These achievements highlight our operational resilience and ability to drive value for shareholders, while positioning us for long-term growth.

INNOVATING TO SOLVE REAL PROBLEMS

Our focus on innovation is rooted in solving real challenges for our customers.

Lynk: This digital wallet has facilitated over 1.3 million transactions in 2024, with a total transaction value of $14.5 billion. This year, Lynk introduced 24/7 remittance services, streamlining cross-border money transfers and enhancing financial inclusion for unbanked Jamaicans.
ePOS (Tap on Phone): Launched in mid-2024, this payment solution enables 900+ micro-merchants to process over $10 million in transactions, unlocking new opportunities for small businesses and facilitating tangible economic returns.
Guardian Life of the Caribbean Ltd. implemented OIPA (Oracle Insurance Policy Administration), which improves efficiency and productivity. This moves them to a single Policy Administration system, ensuring data consistency. It also contributes to improved service levels.

These digital platforms are creating connections that empower individuals and businesses while driving our strategic priorities in banking, payments, and financial inclusion; thereby driving economic and financial gains across our markets.

STRATEGIC MOVES TO STRENGTHEN CORE MARKETS

Our focus remains on optimising our operations and deepening connections within key markets:

Divestment of Clarien Bank: The partial sale of our stake will allow us to sharpen our focus on growth opportunities in Jamaica, Trinidad and Tobago, and Barbados, while retaining value from Clarien for our shareholders.
Guardian Group Modernisation: Upgrading core information technology systems to improve efficiency and elevate the customer experience across investment and portfolio management operations.

Wealth Management Expansion: Partnering with Clarien Trust Limited to offer trust services, enabling seamless wealth transfer and holistic financial planning for Guardian clients.
Guardian Group Modernisation: New treaties across territories, effective May 2024, ensure robust coverage against rising catastrophic risks.

These strategic actions underscore our commitment to connecting services, capabilities, and expertise for sustainable growth.

EFFICIENCY, GOVERNANCE, AND CUSTOMER EXPERIENCE

Our operational framework remains anchored on three pillars:

Efficiency: Enhancing speed and cost-effectiveness to deliver better service.

Governance: Upholding transparency, compliance, and security across our operations.
Customer Experience: Empowering customers with tailored solutions that meet their evolving needs, whether through traditional services or cutting edge digital platforms.

This framework ensures that we deliver value to every stakeholder while maintaining world-class standards.

BUILDING MOMENTUM FOR THE FUTURE

With a strong foundation in place, we are now focused on scaling for accelerated growth. By connecting our traditional services with digital innovations, we are well positioned to meet the evolving needs of our customers, unlock new revenue streams, and deliver exceptional results for our shareholders.

ACKNOWLEDGING OUR STAKEHOLDERS

Our journey would not be possible without the dedication and excellence of our employees, the trust of our customers, and the support of our partners and shareholders. I am proud of the resilience our team has shown in navigating challenges and creating opportunities to serve our clients and communities.

As we move forward, we remain firm in our mission to connect people, businesses, and opportunities to build and sustain wealth. Together, we are making a meaningful impact — helping those we serve reach their full potential.

Thank you for your continued trust and confidence in NCB Financial Group.

Annual Report 2024

Contents

Empowering People

Unlocking Dreams

Building Communities