NCBFG records J$13b in profits

THE NCB Financial Group (NCBFG) has announced a J$13 billion (US$82.5 million) profit in its 2024 annual report posted on the Trinidad and Tobago Stock Exchange’s website on February 3.

The profits were a jump from the company’s performance in 2023 when it garnered $2.5 billion (US$15.8 million) in profits after tax.

The 2024 profits came from a gross operating income of J$323 billion (US$2.05 billion).

After expenses NCB recorded a J$25.8 billion (US$163 million) in profits before tax.

Chairman Michael Lee-Chin in his statement said the company’s success over the past year was attributable to its commitment to delivering dividends and building trust in the company. He said from December 2023 NCBFG resumed regular quarterly dividend payments, which he said was a testament to the company’s financial strength, sound business practices and strong capital position.

“This achievement (also) underscores our commitment to rewarding your trust while ensuring a stable foundation for long-term growth.”

He said the company continues to embrace its core strategy which uses efficiency, governance and customer experience (EGC) to guide its policies.

“Through EGC we have streamlined processes, adopted innovative technologies and built robust governance structures that enhance transparency and accountability.

“This enhanced governance focus is demonstrated through our Board appointments as we seek to further strengthen our board with more independent directors and diverse skill sets applicable to our industry.”

In January NCBFG announced the appointment of three new members to its board of directors.

Former Central Bank of Trinidad and Tobago senior manager Arvinder Bharath was appointed to NCBFG board on January 2. Roger Bilsset and Allison Philbert were appointed to the board in November last year.

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