NCB Financial Group Limited Soars with 98% Net Profit Increase in Q2

NCB Financial Group Limited (NCBFG) has announced its second-quarter financial results, marking a significant 98% increase in net profit. The company’s continued strategic focus on efficiency, governance and customer experience has propelled its growth trajectory with plans for an Additional Public Offer (APO) to further fuel its strategic initiatives.

NCBFG reported consolidated net profit of $13.7 billion for the six months ended March 2024, representing a remarkable 98% or $6.8 billion increase over the previous year. The company’s Group CFO, Malcolm Sadler noted a robust asset base of $2.26 trillion, a 7% increase, driven by loans and investment securities, including pledged assets and reverse repurchase agreements, with a combined increase of $106 billion. Following two dividend payments of $0.50 each since September 2023, NCBFG approved an additional dividend payment of $0.50 per share for Q2.

"Our Q2 results reflect our dedication to operational excellence, strong governance and delivering exceptional customer experiences,” stated Robert Almeida , NCBFG’s CEO. “We are pleased with the positive momentum we have achieved and remain focused on creating long-term value for our shareholders and stakeholders.”

The Group’s efficiency ratio improved significantly from 82.54% to 66.68% for the March 2024 quarter and 70.45% for the half-year, showcasing effective cost management and revenue growth strategies. Successes included Guardian’s transition to IFRS 17, peak availability of the Automated Banking Machine (ABM) network and robust fraud prevention measures.

Almeida emphasised NCBFG’s commitment to being a low-cost producer, building primary client relationships, and aiding wealth creation for clients. He announced the launch of the APO, as a wealth creation opportunity. The APO, now open for subscriptions, primarily aims to support debt reduction and maintain regulatory capital positions.

"We invite every Jamaican to join us in our growth journey through the APO," said Mr. Almeida. "By investing in NCBFG, individuals not only contribute to the region's economic prosperity but also have the opportunity to create wealth for themselves."

In his opening and charge NCBFG Chairman Michael Lee-Chin , acknowledged and thanked the staff, managers, customers and directors for their contribution and support - “We have resilience. We have been through a lot over the last 187 years; we continue to learn and evolve. “

The Board, at its meeting on May 9, 2024, declared an interim dividend of $0.50 per ordinary stock unit. The dividend is payable on June 10, 2024 to stockholders on record as at May 27, 2024.