August 14, 2026
NCB Financial Group Limited (NCBFG)
Unaudited Financial Results — Nine Months Ended June 30, 2026
NCB Financial Group Limited (NCBFG) for the nine months ended June 30, 2026, reported a 2% increase in interest income totalling $95.05 billion compared to $93.63 billion in the corresponding period last year. Interest income for the third quarter increased by 2% to close at $31.70 billion compared to $31.15 billion for the comparable quarter of 2025.
Interest expense amounted to $32.56 billion (2025: $34.78 billion), representing a decrease of 6% year over year. Consequently, net interest income increased by 6% to $62.49 billion compared to $58.85 billion for the nine months ended June 30, 2025. The Group booked net interest income of $21.36 billion for the third quarter versus $19.85 billion reported for the similar quarter of 2025.
Net fee and commission income decreased by 6% to close at $21.78 billion (2025: $23.20 billion), while net income from Banking and Investment Activities decreased by 23% from $112.49 billion in 2025 to $86.85 billion in the period under review. The decline was driven mainly by the non-recurrence of the $15.1 billion gain on disposal of a subsidiary recognised in the prior year, together with a 92% or $15.2 billion decline in gains on foreign currency and investment activities to $1.3 billion (2025: $16.5 billion), reflecting unrealised fair value losses in the equities portfolio held within the insurance segment. These losses were substantially recovered in the third quarter as equity valuations rebounded, with higher net foreign exchange income providing a further partial offset.
Insurance service results for the period amounted to $19.90 billion, a 30% improvement from $15.31 billion reported in the prior year, supported by growth across the Group’s insurance operations and net reinsurance recoveries associated with Hurricane Melissa claims. Net insurance finance expenses declined by 40% to $10.57 billion (2025: $17.56 billion), primarily within the Life, Health and Pensions segment, driven by net fair value losses that reduced policyholders’ liabilities on unit-linked products and changes in interest rates and other financial assumptions.
Consequently, net operating income for the nine months ended June 30, 2026, amounted to $96.18 billion, a 13% decrease relative to $110.24 billion reported in 2025. Net operating income for the third quarter amounted to $32.76 billion (2025: $32.98 billion).
Total operating expenses totalled $70.79 billion, a 5% decrease from the corresponding period last year (2025: $74.27 billion), reflecting the Group’s continued focus on sustainable cost optimisation, lower operational losses, and disciplined expense management across all business segments.
Operating Profit for the nine months ended June 30, 2026, amounted to $25.39 billion, a 29% decrease relative to $35.97 billion reported in 2025. Operating Profit for the third quarter amounted to $10.93 billion (2025: $10.51 billion).
Profit before Taxation for the nine months ended June 30, 2026, reflected a 29% decrease to reach $26.13 billion (2025: $36.54 billion).
Taxation for the nine months amounted to $7.56 billion, a 24% increase from the $6.09 billion reported in 2025. As such, Net Profit decreased by 39% to $18.57 billion (2025: $30.45 billion). Net Profit for the third quarter totalled $8.24 billion, broadly in line with the $8.25 billion booked in the prior year’s comparable quarter and representing a 57% or $3.0 billion improvement over the second quarter of fiscal year 2026.
Net Profit Attributable to Stockholders of the Company for the period totalled $13.28 billion, relative to the $18.96 billion reported twelve months prior. For the third quarter, Net Profit Attributable to Stockholders amounted to $6.08 billion compared to the $5.61 billion reported in 2025, an 8% increase reflecting the recovery in equity investment valuations during the quarter.
NCBFG highlighted that the prior year results included a one-off gain of $15.1 billion arising from the disposal of the Group’s Netherlands insurance brokerage business, which contributed $15.1 billion to consolidated net profit and $9.4 billion to consolidated net profit attributable to stockholders of the Company. Excluding this gain, net profit for the current period would have increased by $3.2 billion or 21%, while net profit attributable to the Company would have improved by 38% or $3.7 billion. Management noted that the third quarter results more closely reflect the Group’s core recurring earnings capability. When the prior year is normalised to exclude the one-off disposal gain, the Group’s underlying performance demonstrates positive momentum, with annualised return on equity, return on assets, and cost-to-income ratio improving by 148 basis points, 15 basis points, and 244 basis points, respectively.
Consequently, Earnings Per Share for the nine months amounted to $5.14 (2025: EPS: $7.34), while Earnings Per Share for the third quarter totalled $2.35 (2025: EPS: $2.18). The twelve-month trailing EPS was $6.75, and the number of shares used in these calculations was 2,584,864,847.
Notably, NCBFG’s stock price closed the trading period on August 13, 2026, at a price of $71.14 with a corresponding P/E ratio of 10.54x.
Balance Sheet Highlights
The Group’s assets totalled $2.43 trillion (2025: $2.39 trillion), representing a 2% or $45.2 billion increase. The growth in total assets was driven primarily by a 3% or $40.1 billion increase in investment securities (including pledged assets and reverse repurchase agreements) to $1.29 trillion, a 12% or $11.2 billion increase in cash and balances at Central Banks, and a 36% or $9.8 billion increase in reinsurance contract assets, reflecting ongoing recoveries related to Hurricane Melissa claims. Loans and advances, net of credit impairment losses, declined 3% to $605.6 billion, while customer deposits grew 8% to $874.0 billion.
Non-performing loans totalled $24.1 billion at June 30, 2026, down 16% or $4.7 billion from the prior year, with the NPL ratio improving to 3.91% from 4.49%.
Stockholders’ equity attributable to the Company was $214.3 billion (2025: $189.8 billion), representing a book value per share of $82.92 (2025: $73.41). Annualised return on equity was 8.57% (2025: 13.97%) and annualised return on assets was 1.02% (2025: 1.73%), with the cost-to-income ratio at 70.40% versus 63.43% in the prior year.
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