May 8, 2026
NCB Financial Group Limited (NCBFG)
Unaudited financials for the six months ended March 31, 2026:
NCB Financial Group Limited (NCBFG) for the six months ended March 31, 2026, reported a 1% increase in interest income totaling $63.35 billion compared to $62.45 billion in the corresponding period last year. Interest income for the second quarter had a 4% increase to close at $31.52 billion compared to $30.43 billion for the comparable quarter of 2025.
Interest expense amounted to $22.22 billion (2025: $23.48 billion), this represents a decrease of 5% year over year. Consequently, net interest income increased by 6% to $41.13 billion compared to $38.97 billion for the six months ended March 31, 2025. The Group booked net interest income of $20.41 billion for the second quarter versus $18.99 billion reported for the similar quarter of 2025.
Net fee and commission income decreased by 6% to close at $14.44 billion (2025: $15.35 billion), while net income from Banking and Investment Activities decreased by 35% from $78.94 billion in 2025 to $51.20 billion in the period under review. The decline was driven mainly by the non-recurrence of the $15.12 billion gain on disposal of a subsidiary recognised in the prior year, together with a swing to a $4.47 billion loss on foreign currency and investment activities (2025: $10.33 billion gain), reflecting unrealised fair value losses in the equities portfolio held within the insurance segment.
Insurance service results for the period amounted to $15.07 billion, a 58% improvement from $9.55 billion reported in the prior year, supported by net inflows from reinsurance contracts held following Hurricane Melissa-related claims that were fully reinsured. Net insurance finance expenses declined by 75% to $2.85 billion (2025: $11.23 billion), mainly within the Life, Health and Pensions segment.
Consequently, net operating income for the six months ended March 31, 2026, amounted to $63.41 billion, an 18% decrease relative to $77.26 billion reported in 2025. Net operating income for the second quarter amounted to $29.87 billion (2025: $42.16 billion).
Total operating expenses totalled $48.95 billion, a 6% decrease from the corresponding period last year (2025: $51.81 billion), reflecting disciplined cost management and lower operational losses.
Operating Profit for the six months ended March 31, 2026, amounted to $14.46 billion, a 43% decrease relative to $25.46 billion reported in 2025. Operating Profit for the second quarter amounted to $7.15 billion (2025: $18.10 billion).
Profit before Taxation for the six months ended March 31, 2026, had a 42% decrease to reach $15.08 billion (2025: $26.12 billion).
Taxation for the six months amounted to $4.75 billion, a 21% increase from the $3.93 billion reported in 2025. As such, Net Profit decreased by 53% to $10.33 billion (2025: $22.19 billion). Net Profit for the quarter totalled $5.24 billion relative to the $17.04 billion booked in the prior year’s quarter.
Net Profit Attributable to Stockholders of the Company for the period totalled $7.20 billion, relative to the $13.34 billion reported twelve months prior. For the quarter, Net Profit Attributable to Stockholders amounted to $4.67 billion compared to the $10.72 billion reported in 2025.
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 $9.4 billion to consolidated net profit attributable to stockholders. Excluding this gain, net profit for the current period would have increased by $3.3 billion or 46%, while net profit attributable to the Company would have improved by 80% or $3.2 billion. Management noted that the second quarter was further impacted by unrealised fair value losses in the equity investment portfolio, although the Group’s core banking and insurance operations remained resilient.
Consequently, Earnings Per Share for the six months amounted to $2.79 (2025: EPS: $5.16), while Earnings Per Share for the quarter totalled $1.81 (2025: EPS: $4.15). The twelve-month trailing EPS was $6.57, and the number of shares used in these calculations was 2,584,732,347.
Notably, NCBFG’s stock price closed the trading period on May 7, 2026, at a price of $51.87 with a corresponding P/E ratio of 7.89x.
Balance Sheet Highlights
The Group’s assets totalled $2.43 trillion (2025: $2.35 trillion), representing a 3% or $76.2 billion increase. The growth in total assets can be largely attributed to a 6% or $79.0 billion increase in Investment Securities (including pledged assets and reverse repurchase agreements) to $1.29 trillion, and a 125% or $30.4 billion increase in reinsurance contract assets stemming from Hurricane Melissa claims. Loans and advances, net of credit impairment losses, declined 3% to $604.5 billion, while customer deposits grew 5% to $844.0 billion.
Non-performing loans totalled $25.7 billion at March 31, 2026, down 4% from the prior year, with the NPL ratio improving marginally to 4.17% from 4.19%.
Stockholders’ equity attributable to the Company was $203.78 billion (2025: $182.08 billion), representing a book value per share of $78.84 (2025: $70.45). Annualised return on equity was 7.15% (2025: 15.06%) and annualised return on assets was 0.85% (2025: 1.90%), with the cost-to-income ratio at 72.71% versus 63.18% in the prior year.
Subsequent to quarter-end, NCBFG announced two intra-group restructuring transactions: the proposed sale of NCB (Cayman) Limited to Clarien Bank Limited (signed January 2026) and the proposed sale of NCB Merchant Bank (Trinidad and Tobago) Limited to Guardian Insurance Limited (signed April 2026), both subject to regulatory approvals.
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