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JM | Oct 20, 2020

Global Finance names NCB ‘Safest Bank in Jamaica’

/ Our Today

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Michael Lee-Chin, chairman of NCB Group.

By Al Edwards

World renown banking publication Global Finance has named Jamaican financial giant NCB the safest bank in Jamaica in its 29th annual ranking listing.

NCB was acquired by Michael Lee-Chin back in 2002 and has risen to become the most profitable and largest banking entity operating in the country. More recently it has acquired regional insurance group Guardian Holdings which is headquartered in Trinidad and Tobago.

Global Finance has named the safest banks in 112 countries around the world. The Safest Banks by country were selected through an evaluation of long-term foreign currency ratings from rating agencies Fitch, Moody’s and, of course, Standard & Poor’s. Also Included in the assessment are a bank’s total assets.

“For most of 2020, the world has been lashed by the COVID-19 pandemic, a steep drop in economic activity and, in some cases, serious social unrest. Any of these developments could have significantly impacted banks’ credit worthiness.

“Surprisingly however, the relative position of the world’s largest banks on Global Finance’s World’s Safest Banks 2020 list has been mostly stable. One can only speculate on when, or if, the changes will come. In the meantime, the rankings will be used by companies, investors and individuals to gauge the relative safety of the banks with which they choose to do business,” said Global Finance’s editorial director and publisher, Joseph Giarraputo.

Global Finance is headquartered in New York and is read in 191 countries.

“In 2002, when we took over the bank, the primary challenge was to regain the confidence of Jamaicans. It is heartwarming today, after 18 years, to be recognised as the safest bank in Jamaica.”

Michael Lee-Chin, chairman of NCB Group

For the nine months ended June 30, 2020 NCB Group reported a net profit attributable to stockholders of J$14.8 billion. For the period under review, the Group’s total assets came to J$1.76 trillion with a return on equity of 13.22 per cent. Earnings Per Share stood at J$6.19.

Speaking with Our Today, Lee-Chin said: “In 2002, when we took over the bank, the primary challenge was to regain the confidence of Jamaicans. It is heartwarming today, after 18 years, to be recognised as the safest bank in Jamaica.

“Kudos to the staff, to the management and the purpose-driven attitude NCB has towards Jamaica summarised in ‘Building a Better Jamaica’ as our mantra.”

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