- Robert Almeida

“For the past few years, we have been in our training phase. We rebuilt form, tightened systems, improved posture and reinforced our core.”

Senior secured note in the international capital markets, strengthening our funding profile.

Dear Shareholders, Employees and Partners,

Every strong organisation is built the same way the body builds strength: through repetition, form and consistency. The work is not always visible, but over time it becomes evident in improved endurance, balance and control. When athletes step onto the playing field, they rely on a strategy that depends on their fitness. Once the game begins, conditions shift quickly and strategies must adapt. That ability to respond at speed and with precision exists only when the foundation is strong.

Coming out of the global pandemic, our organisation faced significant challenges. This required strategic adjustment and a renewed focus on strengthening our foundation. Over the past few years we rebuilt form, tightened systems, improved posture and reinforced our core. It has been a demanding and deliberate turnaround period. The gains are real, and we are now entering the stage where that groundwork translates into sustainable, lasting performance on the playing field.

• Net profit of J$36.9 billion, up 71% year on year.
• Net profit attributable to stockholders of J$23.1 billion, up 73%.
• Return on equity of 12.46%
• Return on assets of 1.56%.
• Cost to income ratio improved to 64.29%, down 927 basis points
• Equityof J$254.3 billion, up 21%

Executing for Scale and Sustainability

With the core stabilised, we began to take on greater challenges and apply our renewed strength and fitness across the entire playing field. We established Centres of Excellence in Investment Management and Pension Fund Administration to reduce duplication and focus our strengthened capabilities on protecting and growing clients’ retirement wealth.

We also executed a US$225 million senior secured note in the international capital markets. This strengthened our funding profile and signalled renewed global investor confidence. It served as a clear endorsement of the efforts invested in rebuilding strength and restoring momentum.

Performance Across the Group

• Banking grew deposits, improved profitability and net interest margins while maintaining disciplined credit management.
• Corporate and Commercial Banking supported major clients across trade, infrastructure and energy.
• Treasury and Correspondent Banking maintained strong liquidity and stable funding through shifting rate cycles.
• Wealth, Asset Management & Investment Banking the segment delivered operating profit of J$7.0 billion, a 259% increase, driven by higher net interest income, favourable investment gains and stronger fee and commission revenue.
• Payments and Digital Channels enhanced agility and resilience, upgrading more than 140 ABMs, introducing audio guidance and expanding cloud migration.
• Lynk delivered a 51% increase in remittance transactions and a 60% reduction in platform costs.

Our insurance businesses remain central to customer protection and recovery, with Guardian Group maintaining market-leading positions across the region.

• Insurance Service Results grew by 33%, driven by strong revenue performance across Property & Casualty and Life, Health & Pensions despite higher reinsurance-related expenses.

• Life, Health & Pensions (LHP) delivered operating profit of J$38.5 billion, up 61%, supported by strong underlying performance and the strategic disposal of the Netherlands-based brokerage subsidiary.
• Property & Casualty / General Insurance recorded a J$5.3 billion improvement from stronger underwriting performance and growth across core motor, property, and commercial lines.

People and Culture

Our progress reflects the alignment and execution of our people. Group Human Resources deepened leadership development, strengthened succession planning and continued embedding performance discipline across territories. These foundations reinforce the culture required for the next phase of growth.

Responding to Hurricane Melissa

Shortly after year end, our resilience received a major test. Hurricane Melissa caused significant hardship for families and businesses across Jamaica and the region. Our teams mobilised quickly, and we were among the first financial institutions in Jamaica to restore branch operations, including in the hardest-hit parishes.

A substantial number of our ABM network remained operational throughout the storm, providing essential access to cash. Within days, service was restored to most locations.

NCBJ introduced fee waivers, moratorium and emergency refinancing for affected customers, while our Guardian teams leveraged regional resources to process disaster claims quickly. Staff also received targeted support, including financial assistance and flexible work arrangements.

The scale and diversification of our regional platform positioned us well to meet the challenges of both the storm and the rebuilding effort. Melissa tested our systems, however access was restored, relief reached those who needed it and our people were supported to recover.

Our Direction

The next phase builds on our strengthened financial, operational, technological and human foundations. Our focus will be on deeper integration, expanded digital capability and customer-centred innovation across all markets. Growth will remain deliberate and consistent, with our pace accelerating as the benefits of compounding take hold.

Strength is not the product of a single lift. It is built through steady, consistent improvement and the discipline to show up every day.

I want to thank our employees for their resilience, discipline and commitment through another demanding year. To our customers, your trust is the foundation on which every improvement stands. To our partners, regulators and communities, thank you for your continued collaboration and support. And to our shareholders and investors, your confidence fuels the work ahead.

Our disciplined approach has rebuilt profitability and strengthened our capital base, positioning us to deliver sustainable value as we move into the next chapter.