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Businessuite 2021 #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 |
2021 |
2020 |
2019 |
2018 |
2017 |
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Company |
2021/2020 |
2020/2019 |
1 |
1 |
1 |
1 |
1 |
JA |
NCB Financial Group Ltd. |
$188,457 |
$235,083 |
NCBFG is the non-operating financial holding company for three direct subsidiaries, namely: National Commercial Bank Jamaica Limited (“NCBJ”), NCB Global Holdings Limited (“NCBGH”) and Clarien Group Limited (“CGL”).
NCB Financial Group operates in the financial services industry, providing products and services in banking, insurance and investment management through 21 territories across the Caribbean. The NCB Financial Group is also one of the largest financial conglomerates in Jamaica and the Caribbean, measured by profitability and total assets.
Through seven business segments, a wide range of products and services are offered to customers.
These products and services include loans, deposits, electronic banking, payment services, structured finance, trade finance, foreign exchange, wealth management, pension fund management, annuities, trust and general, health & life insurance services.
Customers may also gain access to our products and services via our online platforms or mobile apps. Self-service Jamaican banking options are also available via digital channels accessible through financial kiosks and Intelligent ABMs at our Bank on the Go locations.
NCBFG remains committed to delivering superior value for customers through
various digital channels to ensure a delightful customer experience.
NCBFG is listed on both the Jamaica and Trinidad & Tobago Stock Exchanges. More details on the Company may be found on our website at www.myncb.com.
2020 Performance Overview
Following the attainment of the main targets set under our strategic plan, NCB 2.0 by 2020, faster | simpler| stronger, ahead of schedule, we embarked on a new and exciting transformation journey to drive financial value, improve customer experience and satisfaction and boost organisational health across
the Group.
The implementation of our NCB Accelerate 2024 Programme provides a roadmap to meeting our goals by the development of several strategic initiatives through the collaboration of team members across the organisation.
Our new strategy seeks to strengthen the Group’s position as we fully integrate our subsidiaries to create a regional financial ecosystem to provide world class products and services. This new aspiration is anchored by four pillars:
1. Strong financial performance – delivering world-class growth, efficiency, return on assets and return on equity.
2. Inspired people and culture – becoming the employer of choice, with strong organisational health, and a place where each employee is proud to be a part of the team and committed to our success as an organisation.
3. Delighted customers – being the preferred and most trusted financial partner for customers across segments.
4. Digital to the core – operating a world-class technology and analytics platform that enables fast, simple, intuitive, secure, stable and delightful digital first experiences for customers and employees.
In the wake of the COVID-19 pandemic and the resultant adverse impacts on health, society and the economy, we are steering through unchartered waters.
The Group navigated challenges to bridge the gaps in financial performance while remaining resolute in providing unwavering support to customers and employees. This resilience reinforced the Group’s commitment to remain focussed on our strategy and sought to capitalise on the opportunities presented by this unprecedented experience and build on the capabilities necessary to evolve and thrive in this new reality.
During the year, we continued to enhance customer experience, improve operational efficiency and develop our digital capabilities, while safeguarding the health, wellbeing and economic interests of our stakeholders.
Within the context of the pandemic’s devastating impact on the regional and global economies, the Group recorded a solid performance for the financial
year. NCB Financial Group Limited reported consolidated net profit of $26.9 billion and net profit attributable to stockholders of the parent of $19.1 billion, a 36% or $10.8 billion decrease when compared to the restated prior year. It should be noted the 2020 financial performance includes a full year of GHL’s results as opposed to only five months in the 2019 financial year.
Additionally, the prior year’s results included one-off gains totalling $8.2 billion, comprising $3.3 billion from the disposal of an associate, $2.3 billion from the revaluation of our interest in GHL and $2.6 billion from the disposal of a subsidiary. On a normalised basis excluding these one-off gains, the profit attributable to stockholders of the parent would have declined by $2.5 billion or 12% from the prior year.
Our asset base increased by 11% or $184.0 billion to $1.8 trillion primarily due to increases in investment securities, net loans and amounts due from banks. However, the growth in the asset base coupled with lower net profits resulted in return on average assets of 1.57% compared to 2.40% in the prior financial year.
Equity attributable to shareholders of the company increased by 6% or $8.5
billion to $156.1 billion with return on average
Extracted from Management Discussion & Analysis
HON. PATRICK HYLTON OJ. CD, HON. LL.D., A.C.I.B., BBA
President & Group Chief
Executive Officer
More Information
https://www.myncb.com/NCBFinancialGroup/media/NCB-Financial-Group/Reports/NCBFG-Annual-Report-2020_Web__1.pdf?ext=.pdf