November 13, 2026

NCBFG cuts holding-company debt by J$29B as core businesses record stronger profits

NCB Financial Group Limited (NCBFG) has reduced its holding-company debt by approximately J$29 billion, or 25 per cent, while recording stronger earnings across its main businesses during the financial year ended September 30, 2026.

The Group’s unaudited financial results show that its banking and investment management businesses all recorded higher operating profits, while improvements in its insurance business also helped support overall performance.

Group net profit increased by 35 per cent when the previous year’s one-off gain from the sale of its Dutch insurance brokerage business is excluded.

The reduction in holding-company debt is also a significant development for the Group, as it lowers the amount of debt that must be refinanced and gives management more flexibility to invest in its businesses.

NCBFG said stronger net interest income, lower operating expenses and reduced losses from unpaid loans helped improve performance across its banking and investment management operations.

Its insurance business also benefited from higher reinsurance recoveries, which helped cover much of the cost of claims arising from Hurricane Melissa.

NCBFG reported consolidated net profit of J$25.9 billion, compared with J$34.3 billion in the previous financial year, representing a 24 per cent decline.

However, the previous year’s results included a one-off gain of J$15.1 billion from the sale of the Group’s Dutch insurance brokerage business.

When that gain is excluded, NCBFG’s net profit increased by J$6.8 billion, representing a 35 per cent improvement.

Profit attributable to NCBFG stockholders amounted to J$19.2 billion, down 10 per cent compared with the previous year.

For the September quarter, the Group recorded net profit of J$7.3 billion, an 11 per cent decline compared with the June quarter. The decrease was mainly due to losses on equity investments that had not yet been realised through their sale.

Speaking at the Group’s Q4 Investors’ Briefing, Chairman Michael Lee-Chin said the Board pays close attention to earnings from the Group’s day-to-day operations when assessing its performance.

He explained that changes in investment values can cause reported profits to rise or fall from one quarter to another, making it important to look beyond those movements.

Lee-Chin also highlighted the opportunity to make better use of the combined strength of NCBFG’s banking and insurance businesses. He said closer cooperation among the businesses would allow the Group to make better use of its resources and create greater value.

The financial results also showed growth in customer deposits, which increased by nine per cent during the year.

This provides the Group with a stronger funding base to support its operations and future lending.

Net loans and advances declined by two per cent, as customers repaid more loans than the Group issued in new lending. However, the quality of the loan portfolio improved, with the non-performing loan ratio falling from 4.54 per cent to 3.75 per cent.

The lower ratio means a smaller proportion of the Group’s loans are at risk of not being repaid.

Total equity increased by six per cent to J$265.3 billion, while all regulated entities within the Group remained above the capital requirements set by regulators.

Looking ahead to the 2027 financial year, NCBFG plans to focus on growing its existing businesses, strengthening relationships with customers and improving efficiency.

Management also intends to direct capital towards opportunities that offer attractive returns while carefully managing the risks involved.

The Group says it will place greater emphasis on cooperation among its banking, insurance and wealth management businesses, allowing customers to access a wider range of services.

In the meantime, Julian Mair is scheduled to take over as Group Chief Executive Officer on November 17, 2026.

As the leadership transition takes place, the Board says it will remain focused on careful financial management, responsible use of capital and creating long-term value for shareholders.

Meanwhile, the Board approved an interim dividend of J$0.55 for each ordinary stock unit at its November 12 meeting.

The dividend was payable on December 11, to shareholders listed on the company’s register as at November 27, 2026.