NCB Financial Group (NCBFG) is encountering a delay in completing its full audited financial statements for the year ended September 30, 2024, which is now due.

The delay is primarily due to the adoption of International Financial Reporting Standard (IFRS) 17 – Insurance Contracts by the Group effective October 1, 2023. NCBFG says this accounting standard affected the years ended for 2022, 2023 and 2024.

As such, its application is complex and has had a significant impact on the group’s processes and the reporting of its insurance business activities. The groups said the full audited financial statements will be made available and published on or before Monday, December 16, 2024.

NCBFG apologizes for the delay and “any inconvenience to our valued stakeholders”. The financial group released the consolidated financial statements for the year at its Investors’ Briefing on November 15, 2024, in which it reported a creditable financial performance for the year, recording a consolidated net profit increase of 174% to $23.3 billion.

The results reflect strong momentum across banking and investment activities, with operating income rising by 4% to $120 billion. Gains on foreign currency and investment activities rose by 10% to $3 billion, while net interest income and net fee and commission income grew by 2% and 7%, respectively. 

Efficiency measures contributed to an 11% decline in operating expenses to $92.2 billion, bolstered by an 18% reduction in staff costs following the restructuring in the previous financial year.