NCBFG Pursuing World Class Digital Experience

NCB Financial Group (NCBFG) held its second investor briefing for the calendar year where Group Finance and Deputy Managing Director, Mr. Dennis Cohen, and Group Managing Director Mr. Patrick Hylton, reviewed the third quarter performance ended June 30, 2017. NCBFG recorded net profits of $14.72 billion for the nine months ended June 30, 2017, a 48% increase compared to $9.94 billion for the corresponding period of 2016. The performance of the bottom line exceeded the Group’s full year results for the 2016 financial year. Gross income for the nine month period reflected a 16% growth year over year to $55.94 billion relative to $48.18 in 2016. According to Mr. Cohen, “during the current financial period, there has been a high demand for securities fuel by high levels of liquidity and improved investor confidence which somewhat contributed to gains on foreign currency and investment activities increasing by 80% or $2.5 billion.”

Net fees and commission income also aided the movement, amounting to $10.42 billion, $2.44 billion or 31% above last years $7.98 billion. The increase was due to a growth in the loan portfolio, unit trust business and increased pension management fees. Mr. Cohen further noted, “the Group also experienced growth in point of sale and ecommerce transactions as we expand our non-branch channel and digital reach.

Non-Financial Highlights

  • Agile Lab – NCBFG launched its first Agile Lab in April of this year. The Group Finance and Deputy Managing Director was especially pleased to announce, “as part of our strategy to further our digital agenda, we have introduced our first Agile Lab. This is the first of its kind in the English speaking Caribbean. Adopting the Agile methodology enables us to increase our competitive advantage as it allows us to develop and implement simple user-friendly solutions in a far shorter time, helping us to go through to our aspirations of becoming faster, simpler, stronger.” Mr. Cohen noted that, “for our customers this means increased satisfaction and for business, increased efficiency.”
  • Security Initiatives – the second non-financial highlight is related to security. As the Group edges toward its digital agenda, Mr. Cohen highlighted that the Group remains cognizant of the threats that exist which has triggered further investment in its technology infrastructure. Presently, NCBFG in underway with two key security initiatives. The introduction of security tokens and the implementation of a merchant compliance program. Mr. Cohen indicated, “both a critical to protection for our clients as the security token provides added security while the compliance program is to assist our merchants in becoming compliant with international standards while providing them with tools to safeguard their business.”

The Way Forward

 Group Managing Director, Mr. Patrick Hylton attributed the Group’s performance to, “the deliberate implementation of a set of strategies which we have been articulating for some time. We have described same in our 2020 aspiration which we call “setting the bar in the financial services industry.” According to Mr. Hylton, the Group is well underway with the execution of this strategy and transformation journey as NCBFG continues to roll out, is driven by 2 strategic priorities.

  • World Class Digital Experience – NCB’s vision is to “transition to a new operating model that will impact our organisational structure, our way of working and how we engage with and serve our customers”.
  • Reinventing their core business – According to NCBFG, “Keeping and expanding momentum in our core banking businesses across markets will continue to be an important objective for us at NCB.” The Group intends to execute on four initiatives in support of this objective:
    • Enhancing sales and service effectiveness
    • Focus on payments innovation
    • Develop and engage our people
    • Improve customer experience and optimize efficiency