NCBFG to implement its digital agenda

January 26, 2018 

At NCBFG’s first investor briefing for the 2018 financial year, NCBFG’s President and Group Chief Executive Officer, Mr. Patrick Hilton, briefly outlined their strategic outlook for 2018. NCBFG’s Group Chief Financial Officer and Deputy Chief Executive Officer, Mr. Dennis Cohen gave a brief review of the Group’s record performance in 2017, the performance for the first quarter of 2018 and non-financial highlights.

NCBFG for the 2017FY produced record profits  the Group, surpassing its 2016FY profits of $14.45 billion by 32% to close the year at $19.11 billion. Ending the first quarter for the 2018 financial year, NCBFG has already recorded a 28.48% increase in net profits to close the quarter at $4.61 billion relative to $3.56 billion in 2016. Mr. Cohen noted, “in addition to retaining our number one position in the country, NCBFG is ranked number four in the region based on pre-tax profits by the financial times.” The Chairman, Hon. Michael Lee-Chin, attributed the feat to the management team and directors, stating that “management has done a phenomenal job at navigating the pitfalls, air pockets and always seem to land on its feet.”

In light of their achievement, the Chairman made reference to their announcement in 2017, where NCBFG purchased a 51% interest in the third largest Bermudian Bank, Clarian, which according to him will give NCBFG “a footprint to really provide asset management services to the rest of the world”. In addition, he made reference to their 2017 announcement, of increasing their shareholdings of Guardian from 29.99% to 62% which will give them “a footprint in 22 countries through the Caribbean and will transform the NCB.”

In light of their achievement for 2017, and the first quarter for 2018, Mr. Patrick Hilton elaborated on the most important highlights for the management team. He highlighted:

  1. The creation of the NCB Financial group. He stated this group has “facilitated the rapidly scaling up of their acquisition activities, firstly through gaining majority stakes in Clarien in Bermuda” and secondly, in enabling “NCB to make a bid for majority Control of Guardian Holdings Limited.”
  2. The acceleration of their digital agenda. Through a number of initiatives and activities, Mr. Hilton was pleased to announce NCB “becoming the first Bank in the English Speaking Caribbean to launch a digital lab.” He also proudly stated “they have launched several labs since then and this coming year will focus will be to seriously engage our digital ambition of becoming agile at scale.”
  3. The execution of the payments innovation credits in all the core areas of the bank’s business.

For 2018, he stated “we will continue to deepen and ground these actions as we implement new programmers designed to improve sustainable performance.”

As NCBFG continues towards the execution of their strategic plan dubbed NCB 2.0 and the desire for sustainable performance, Mr. Patrick Hilton outlined that their focus is now geared towards three areas:

  1. Expanding in key markets overseas
  2. Reinventing their business
  3. The implementation of digital agenda, underpinned by agile methodology

In order to achieve such goals for 2018 and the future, he outlined that after much research, NCBFG has taken the initiative, to structure a framework for organization performance, known as the “5 Days Framework.” He stated that “we are convinced that its successful adoption enabled by the right function and attitude will ensure sustainable success.” He outlined the four components to this “5 Days Framework”:

  1. Spread of true customer obsession- “a relentless focus on how we can improve, enhance and sustain the customer experience over a long period of time.”
  2. Building a culture which manages against the risk of managing the proxies.
  3. Time velocity with decision making- “Put systems in place to facility high quality decision making with high speed.”
  4. Embracing external trends-  As, Mr. Hilton stated “they recognize that change is inevitable, embracing change often create new opportunities and advantages

He also added that “successful organizations need to focus one two components” as such, NCBGB will improve on their:

  1. Performance- delivering financial operating performance on a continuous basis
  2. Health – the ability of their organization to adapt and to renew itself on a continuous basis.