NCBFG remains committed in becoming a world-class Caribbean financial ecosystem

February 05, 2021

Dennis Cohen, Group Chief Financial Officer and Deputy Chief Executive Officer, highlighted the financial performance of the NCB Financial Group. Net operating revenues was up 19% year over year for the FY2020 to $108.83 billion from $91.18 billion in 2019. Net profit for FY2020 totalled $26.88 billion, a decrease of 14% compared to $31.16 billion for the corresponding period of 2019. Net operating revenues amounted to $33.78 billion for the three months ended December 31, 2020 compared to $33.29 billion booked the prior corresponding period. Net profit for the three months ended December 31, 2020 totalled $5.85 billion, a 25% decrease compared to $7.77 billion for the corresponding period of 2019.

Despite the challenging environment, Honorable Patrick Hylton, President and CEO of NCBFG, noted that the Group remains anchored by four pillars:

  1. Strong financial performance –world-class growth, efficiency, return of assets and return on equity.
  2. Inspired people and culture –the employer of choice, with strong organisational health
  3. Delighted customers –preferred and most trusted financial partner for customers across segments
  4. Digital to the core –operate a world-class technology and analytics platform

Furthermore, according to Hon. Patrick Hylton, the Group’s strategy entitled “NCB Accelerate” is at its new phase and is ceasing new opportunities aligned with the pillars.

The Hon. Patrick Hylton highlighted the Four P’s to guide the Group’s journey in the right direction.

  1. Pivot- to try an alternative approach, for example:
    • Digital Adoption
    • 62% of staff work remotely
    • Zero rating of digital platform
    • Customers to pivot by increased access to funding and ecommerce solutions for business development
  1. Pursue new opportunities
    • New products
    • Fast tracking innovation
    • Becoming more agile in processes and decision making
    • Continued digital products, process and new business modality

       3.  Persistence:

    • Despite the pandemic, NCBFG resulted in record sales surpassing pre-covid levels

       4. Pay it forward


The four thrusts of NCBFG’s 2024 aspiration, Mr. Cohen notes that NCB will:

  1. Deliver world class growth, efficiency, return on assets and equity
  2. Become the employer of choice, with strong organizational health, and a place where each employee is proud to be a part of the team and committed to our success as an organization
  3. Be the preferred and most trusted financial partner for customers across segments
  4. Operate a world class technology and analytics platform that enables fast, simple, intuitive, secure, stable and delightful digital-first experiences for customers and employees.


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