Table of Contents
Key Points
- NCBFG achieved a 176% rise in net profit to JCA$23.5 billion ($148.2 million), with earnings per share increasing from JCA$1.39 ($0.0088) to JCA$6.33 ($0.040), signaling a strong financial turnaround.
- Operational efficiency soared as the cost-to-income ratio improved from 86.3% to 71.6%, driving customer deposits up to JCA$784 billion ($4.94 billion), a clear vote of confidence in the group.
- Chairman Michael Lee-Chin outlined ambitious goals, focusing on aggressive debt reduction, enhanced shareholder dividends, and achieving a 20% return on equity to cement NCBFG’s leadership.
NCB Financial Group (NCBFG), Jamaica’s largest banking institution, led by Chairman Michael Lee-Chin, has reported outstanding financial results for 2024, marking a significant turnaround. During a virtual investors briefing, Lee-Chin emphasized the group’s substantial progress in operational efficiency and profitability.
The cost-to-income ratio improved dramatically from 86.3 percent in 2023 to 71.6 percent in 2024, doubling operating margins to 28 percent. Net profits surged by 176 percent, rising from JCA$8.5 billion ($53.7 million) in 2023 to JCA$23.5 billion ($148.2 million) in 2024. Equity attributable to shareholders increased from JCA$142.9 billion ($900.9 million) to JCA$174 billion ($1.1 billion), while earnings per share jumped from JCA$1.39 ($0.0088) to JCA$6.33 ($0.040). Return on equity also saw notable improvement, climbing from 2.54 percent to 9.47 percent.
Despite these gains, Lee-Chin reaffirmed the group’s commitment to achieving a 20 percent return on equity, underscoring NCBFG’s ambitious roadmap for sustained growth.
Streamlining operations to enhance shareholder value
NCBFG’s turnaround was driven by a focus on debt reduction, cost efficiency, and maximizing shareholder returns. Over the past year, operating expenses were reduced by JCA$3 billion ($18.9 million), and consolidated expenses fell by over JCA$11 billion ($69.4 million). Debt refinancing and a strengthened balance sheet have positioned the group for further growth amid inflationary pressures and rising interest rates across the Caribbean.
Customer deposits surged from JCA$447.9 billion ($2.83 billion) to JCA$784 billion ($4.94 billion), reflecting renewed stakeholder confidence. Additionally, the divestment of non-core assets and improved governance practices aligned the group with global best standards, enhancing its long-term sustainability.
Lee-Chin credited the group’s 5,000 employees for driving these achievements, noting their creativity, resilience, and dedication to problem-solving.
Championing Jamaica’s economic transformation
Beyond financial metrics, NCBFG’s turnaround is a testament to its commitment to Jamaica’s economic progress. Lee-Chin emphasized the group’s role in supporting local businesses and communities, fostering innovation, and inspiring a culture of hard work and excellence.
“Our journey is about more than profits—it’s about creating a better Jamaica by unlocking the potential of its people,” Lee-Chin stated. He reiterated NCBFG’s dedication to delivering sustainable growth, higher profitability, and meaningful dividends for shareholders while navigating economic uncertainties.
Poised for sustainable growth
NCB Financial Group’s 2024 results reflect the strength of its strategic vision and operational execution. With a clear focus on debt reduction, efficiency, and value creation, NCBFG is poised to continue driving financial excellence while contributing to Jamaica’s broader economic development.
