NCBFG Shareholders to Receive Dividend Payments in December
National Commercial Bank Jamaica Limited (NCB)
Building a better Jamaica
Kingston, Jamaica – Friday, November 17, 2023: NCB Financial Group Limited (NCBFG) announced today that its Board of Directors have approved an interim dividend payment of $0.50 per ordinary stock unit. This declaration comes after a three-year hiatus and is payable on December 18, 2023, for stockholders on record as at December 04, 2023.
This move comes as a welcome development for shareholders who have eagerly awaited the return of dividends since its suspension.
"As the parent of a Systematically Important Financial Institution in Jamaica, a leading insurance group in the Caribbean region and a leading bank in Bermuda, NCBFG has fortified its position and sharpened its strategic focus, paving the way for an era of sustained growth and enhanced profitability," announced Robert Almeida , Interim CEO of NCBFG.
"Our robust financial framework and a proactive strategy anchored in Efficiency, Governance, and Customer Experience have equipped us to thrive in the dynamic financial landscape, underscoring our pivotal role in the broader financial system. We understand our significant responsibility in driving Jamaica's economy, and that of the broader Caribbean region, and we have full confidence that our strategy will deliver the highest returns.”
Over the past six months, NCBFG has undertaken significant restructuring and strategic initiatives to stabilise its operations and strengthen its financial position. These efforts are now paying off, as evidenced by this decision to resume dividend payments.
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Chairman Michael Lee-Chin expressed sheer joy with the decision and thanked shareholders for their patience and support. "NCBFG has demonstrated remarkable resilience and adaptability in the face of challenges," said Lee-Chin. "The Board's decision to declare a dividend at this time reflects the confidence in the company's sustainable growth and long-term value creation for our shareholders. We are extremely pleased to be able to reward shareholders for their loyalty with this dividend."
The company's leadership team is committed to further strengthening the discipline applied to capital allocation, ensuring that NCBFG continues to be resilient, deliver value to its shareholders and invest in future growth opportunities.
Further details about the dividend payment and financial performance will be discussed in the upcoming investor briefing scheduled for November 22, 2023.
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1 年Well, it’s about time. I think we have suffered long enough. I don’t think I’m being unreasonable but this announcement is long overdue and seems to be at a bad time knowing that the stock value has fallen and the talk on the ground has been skeptical for want of a better word.