Durrant Pate/Contributor

National Commercial Bank (NCB) Financial Group delivered what could be considered the perfect fourth quarter with a massive 1,200% growth in net profit as Jamaica’s biggest banking group almost doubled its profits at the end of its 2025 financial year, just over a month ago.

As NCB continues its growth momentum, having turned the corner after a lull during the COVID-19 pandemic, net profits for the September fourth quarter surged to $6.46 billion relative to the $485.10 million booked in 2024, representing a more than 1,200% jump.  Net profit for the entire 2025 financial year closed on $36.91 billion, coming from $21.57 billion last year), a more than 70% increase.

Net profit attributable to shareholders for 2025 almost doubled to $23.13 billion, relative to the $13.34 billion reported in 2024. For the quarter, Net profit attributable to shareholders amounted to $4.17 billion compared to the $330.18 million loss reported in 2024, indicative of the significant turnaround in fortunes.

Operating profit for the year ended September 30, 2025, amounted to $44.91 billion, a 77% increase relative to $25.33 billion reported in 2024. Taxation for the year amounted to $8.59 billion, a 103% increase from the $4.24 billion reported in 2024. Consequently, Earnings Per Share (EPS) for the year amounted to $8.95, coming from $5.16 last year, while EPS for the last quarter totalled $1.61, up from the loss per share of $0.13 in 2024.

Management pleased with stellar performance

Chief Executive Officer, Robert Almeida, was praiseworthy of the stellar performance, saying, “This year’s results signify a successful milestone in our turnaround strategy. Our performance, driven by the strength of our core banking and insurance business, solidifies NCBFG’s position as a consistent industry leader. We have proven our capacity to deliver sustainable returns, maintain robust liquidity and support regional economic growth. This performance also reaffirms our unwavering commitment to creating enduring value for shareholders and foster development across the region.”

NCBFG’s financial performance demonstrates renewed earnings momentum and disciplined execution across the portfolio, supported by improved operating performance, cost discipline and contained focus on core banking, insurance, as well as the wealth and investment banking businesses. Interest income grew but at a pace of 4% totalling $124.89 billion, up from 119.97 billion in 2024. Interest Income for the fourth quarter went up a mere 1% increase, closing on  $31.26 billion compared to $31.08 billion last year. 

However, interest expense went down 1% to $46.63 billion (2024: $47.05 billion). Consequently, net interest income increased by 7% to $78.27 billion, up from $72.92 billion for the year. Net fee and commission income increased marginally to close at $30.76 billion (2024: $30.67 billion). Consequently, the net results from Banking and Investment Activities increase by 18% from $121.04 billion in 2024 to $142.97 billion in the period under review.

Total operating expenses totalled $99.38 billion, a 5% increase from the corresponding period last year. (2024: $94.69 billion). NCBFG assets closed the year at $2.41 trillion (2024: $2.32 trillion). The growth in total assets was primarily due to a 10% or $95.95 billion increase in Investment Securities to close the period at $1.01 trillion (2024: $916.90 billion). Shareholders’ equity was $199.08 billion (2024: $172.29 billion), representing a book value per share of $77.03 (2024: $66.67).