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Businessuite 2020 #1 Jamaica Main Market Company – US$ Profit after Tax |
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NR |
NR |
NR |
NR |
NR |
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US$000 |
US$000 |
2020 |
2019 |
2018 |
2017 |
2016 |
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Company |
2020/2019 |
2019/2018 |
1 |
1 |
1 |
1 |
1 |
JA |
NCB Financial Group Ltd. |
$235,083 |
$223,778 |
The Group is a leading Caribbean financial conglomerate with a presence in 21 territories. Our new aspiration for FY2024 is to become a world-class
Caribbean financial ecosystem. This strategy is about unleashing the power of the combined group to take our performance to the next level for the benefit of our combined team, our customers, our shareholders and the territories in which we operate.
Four main pillars anchor our new aspiration:
1. Strong Financial Performance
2. Delighted Customers
3. Inspired People and Culture
4. Digital to the Core
What does our aspiration mean?
Becoming world-class means that we will not be satisfied with customer experiences, systems, processes, and performance that are the best in our country or the best in our region. Our customers and employees are exposed to world-class products and services. Therefore, we are committed to delivering at the standard.
Becoming a Caribbean financial ecosystem means going beyond just having a presence in 21 territories to creating an integrated platform among the companies in the Group and external partners that enables us to seamlessly provide the solutions that allow our customers to build, grow and flourish financially.
NCBFG is committed to an ongoing process of performance improvement because doing well allows us to do good for all our stakeholders. If we look at the experience of National Commercial Bank Jamaica Limited as one example, doing well has had tremendous benefits for our team members, our customers, our shareholders and society.
For the 2019 financial year we continued execution under our strategic plan NCB 2.0 by 2020, faster | simpler | stronger. We implemented initiatives to support the Group “setting the ‘BAR’ in the financial services industry”, and
undertook plans consistent with the three themes (BAR), which are driven by six initiatives:
• Building a world-class digital experience
1. Develop distinctive digital capabilities
• Accelerating regional expansion
2. Expand in priority markets
• Reinventing our core business
3. Enhance sales and service excellence
4. Focus on payments innovation
5. Develop and engage our people
6. Improve customer experience and optimise efficiency
Our strategic focus to drive the implementation of these initiatives resulted in the Group establishing a strong foothold in some of the Caribbean’s most promising markets thereby solidifying NCB Financial Group’s aspiration to become a world class financial institution across the region.
This diligence allowed us to achieve one of our main targets of exceeding net profits of US$200 million in the 2018 financial year coupled with the completion of key regional expansions in the 2019 financial year.
In summary, our cross-border initiatives geared towards the strengthening of our regional status resulted in our organisation producing another record-breaking performance for 2019.
The Group recorded net profit attributable to shareholders of the company of $29.6 billion, our highest annual profit. The acquisition of GHL catapulted our asset base to record levels with total assets increasing by 65% over the prior year to $1.6 trillion, giving rise to a return on average assets of 2.29%.
Equity attributable to shareholders of the company increased to $146.6 billion, an increase of 13% or $16.5 billion, with return on average equity of 21.33%.
Extracted from Stockholders Report
Patrick A. Hylton, CD
President and Group Chief Executive Officer, NCBFG
More Information
https://www.myncb.com/NCBFinancialGroup/media/NCB-Financial-Group/Reports/NCBFGAR2019.pdf?ext=.pdf