NCB announces new board appointments
Written by Ryan Hamilton-Davis on January 6, 2025
THE NCB Financial Group Ltd (NCBFG) has announced the appointment of three new members to the board of directors in NCBFG and National Commercial Bank Jamaica Ltd (NCBJ).
In an investor release, published on the Trinidad and Tobago Stock Exchange’s website on January 6, NCBFG said Arvinder Bharath was appointed to the NCBFG board on January 2.
Roger Blissett was appointed to the NCBJ board on November 13, 2024, and Allison Philbert was appointed to the same board on November 20, 2024.
The release said Bharath has more than 30 years of combined experience in the banking, regulatory and technology industries.
It added that Blissett is an international investment and commercial banking executive with more than 30 years of experience in US banking.
Philbert has 20 years of experience in the telecommunications and technology sectors.
“The board of NCBJ now has eight members, the majority of whom are independent non-executive directors.
“The board refreshment that has taken place within NCBFG and its major subsidiaries over the last year has enhanced independence, banking and technology expertise, diversity and global perspective.”
For the period ending September 2024, NCBFG recorded a profit after tax of Jca$21.5 million as compared to Jca$7.7 million the year before.
The group’s net operating income for 2024 was Jca$120 million, increasing from Jca$115.4 million in 2023.
The earnings per stock unit was Jca$5.62 in 2024, a Jca$4.56 increase from Jca$1.06 in 2023.
The group’s total assets stood at Jca$2.31 billion for 2024, compared to Jca$2.19 billion in 2023.
NCBFG informed its shareholders that the financial results were updated after the release of the group’s interim accounts on November 14, 2024.
“The financial statements were further updated in relation to the adoption of IFRS 17 Insurance Contracts and correcting adjustments and non-credit provisions impacting both September 2024 and September 2023,” it said.
NCBFG was incorporated in 2016 to be licenced under the Banking Services Act as the financial holding company for NCBJ.
The NCB Group is the largest and most profitable financial services group in Jamaica, with roots dating back to 1837.
The group’s local chapters include Guardian Holdings Ltd and NCB Merchant Bank TT Ltd.
In April 2024, NCB Merchant Bank TT Ltd (NCBMBTT) was named by the globally recognised financial magazine Global Finance Magazine as the best private bank in TT.
In July 2024, NCBMBTT joined print solutions provider Eric Solis Marketing Ltd (Solis), in launching an initial public offering (IPO).
As the underwriter, NCBMBTT provided Solis with the capital to take on investments.
Meanwhile, Caribbean Information and Credit Rating Services Ltd (CariCris) in October 2024 maintained its ratings for Guardian Holdings Ltd (GHL) as having high creditworthiness on a Jca$13.4 billion bond issue, part of which was used to acquire NCB Insurance Company.
CariCris reaffirmed the ratings of CariAA for foreign and local currency ratings on the regional scale and jmAA for local currency ratings on the Jamaican national scale.
The agency gave a stable outlook on the company’s ratings, based on the expectation of continued good financial performance over the next 15 months.
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