NCB Financial Group Reports Remarkable 174% Net Profit Growth for FY2024
14 Nov 2024
Kingston, Jamaica – November 14, 2024: NCB Financial Group Limited (NCBFG) has delivered a creditable financial performance for the year ended September 30, 2024, recording a consolidated net profit increase of 174% to $23.3 billion. Profit attributable to stockholders of the parent soared by an impressive 357% to $15.0 billion, highlighting the Group’s resilience and strategic acumen amid challenging global economic conditions.
The results reflect strong momentum across banking and investment activities, with operating income rising by 4% to $120 billion. Gains on foreign currency and investment activities rose by 10% to $3 billion, while net interest income and net fee and commission income grew by 2% and 7%, respectively. Efficiency measures contributed to an 11% decline in operating expenses to $92.2 billion, bolstered by an 18% reduction in staff costs following the restructuring in the previous financial year.
The Group’s insurance segment also excelled, posting a 27% increase in its service results to $18.5 billion, despite absorbing approximately $400 million in claims related to Hurricane Beryl. Loans and advances grew by 2% to $626.2 billion, driven by a strong customer appetite for loans during the year. Customer deposits rose 5% to $784 billion, demonstrating sustained confidence in NCBFG’s offerings.
Speaking on the results, Robert Almeida, Group CEO, credited the Group’s disciplined approach and operational excellence, stating, “By focusing on core objectives under Efficiency, Governance, and Customer Experience, we have successfully navigated inflationary pressures and fluctuating interest rates. We are optimistic that the headwinds we have been facing are shifting into tailwinds, accelerating our transformation into a more agile and customer-centred organisation.”
NCBFG also achieved significant gains in key financial metrics over the prior year:
- Return on Assets (ROA), improved over 50 basis points to 1.03%.
- Return on Equity (ROE) increased to 9.47% compared to 2.54%.
- Cost-to-Income Ratio dropped to 71.6%, an improvement from 86.4%
The Group remains committed to sustainability through its Environmental, Social, and Governance (ESG) agenda. Key achievements include launching the $300 million ‘Building a Better Jamaica’ Fund, installing solar panels to reduce carbon emissions, and spearheading community cleanup drives.
The Board of Directors declared an interim dividend of $0.50 per ordinary share, payable on December 13, 2024, to stockholders on record as of November 29, 2024.
Looking ahead, NCBFG plans to build on this year’s success by enhancing operational efficiency, strengthening governance frameworks, and expanding customer-centric solutions. The Group’s focus remains on creating and protecting wealth for individuals and businesses while delivering innovative, cost-effective financial services.
Acknowledging our Team and Stakeholders
Chairman of NCBFG, Hon. Michael Lee-Chin, OJ, acknowledged the performance and stated that the momentum is clear, noting, “The Board and Management express heartfelt appreciation to our over 5,200 employees, customers, shareholders and partners for their invaluable contributions and support. This outstanding performance underscores our collective efforts and shared vision of building a brighter financial future. Together we continue to connect lives, inspire progress and drive transformation across the region.”
-END-
For further information, visit www.myncb.com
Contact: [email protected] or Belinda Williams at [email protected]
