January 31, 2020
Chairman, Hon. Michael Lee-Chin mentioned, “the Company has come from far in the past 18 years from AIC Finance and FINSAC. NCBFG has since then changed its mantra to building a better Jamaica, doing well and doing good. NCB is a microcosm of what Jamaica will be,” at the Annual General Meeting of the National Commercial Bank Financial Group Limited (NCBFG).
Dennis Cohen, Group Chief Financial Officer and Deputy Chief Executive Officer, highlighted that NCBFG is the largest Financial Service Provider in Jamaica and one of the largest in the Caribbean. Operating income rose from $69.62 billion in FY2018 to $90.57 billion in FY2019. He noted that, “the net profit target of US$200 million by FY2020 was exceeded in FY2018 and FY2019.” Net profit attributable to shareholders was $29.6 billion for FY2019 compared to $27.9 billion the prior year. Notably, the segments that mainly contributed to this increase were banking and investment activities (up 16%) and net results from insurance (up 280%).
Overview of FY2019, as noted by Mr. Cohen;
- Strategic progress
- Diversity: banking, wealth and investment, insurance services, pension fund management.
- Consistent execution: improved financial performance and financial strength
- Shareholder return: consistent dividend payments and share price appreciation
- Main geographic segments expanded due to major shareholdings in Guardian Holdings Limited.
- Renovate locations to ensure safety of the customers and staff
- Digital Strategy-key technological improvements
Outlook:
According to Mr. Patrick Hylton, President and CEO of NCBFG, the Group’s strategy “NCBFG 2.0” was completed a head of schedule and terminated to start a new strategy entitled “NCB Accelerate.” NCBFG under “NCB Accelerate” starting FY2020 aims to becoming a world-class Caribbean financial ecosystem by 2024.
Mr. Hylton noted, this new aspiration is anchored by four pillars:
- Strong financial performance –world-class growth, efficiency, return of assets and return on equity.
- Inspired people and culture –the employer of choice, with strong organisational health
- Delighted customers –preferred and most trusted financial partner for customers across segments
- Digital to the core –operate a world-class technology and analytics platform
Mr. Patrick Hylton closed by saying, “NCBFG is among the best in the region and the best can only be done by world-class.”
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