Delivering his assessment of NCB Financial Group’s (NCBFG) performance for the financial year 2024, Group CEO Robert Almeida stopped short of saying the regional financial giant has fulfilled its mandate.

Rather, while noting that NCBFG has made “significant improvements”, Almeida said the institution is still found wanting but will continue “keep pushing” towards its goals.

At the group’s Annual General Meeting (AGM) on February 13, 2025, at the Jamaica Pegasus in New Kingston, St Andrew, he pointed out, “At last year’s AGM, we made commitments to lower costs, improve governance and strengthen our core business. I am proud to report that we have delivered on those promises. Today, I want to talk about the progress we have made, what that means for our stakeholders, and where we are going next.”

In retrospect, NCBFG a year ago committed to its shareholders to improve efficiency, deliver better customer experiences, and enhance governance and flexibility. With that commitment came decisions that disrupted how the entity operates.

Notwithstanding the disruptions, Almeida was proud of the results.

“Our cost-to-income ratio improved from 87 per cent to the 70s, making us more agile and competitive. We are realising cost-savings of over US$30 million annually, which allows us to reinvest in better customer experiences and into our core business. We reduced our debt by 10 per cent, strengthening our financial position for long-term sustainability,” Almeida told shareholders.

“We increased our equity by over 20 per cent, ensuring we have the capital strength to innovate and expand our services. Return on equity is now on the rise [being 8.49 per cent] reflecting stronger core performance,” he continued.

According to the NCBFG CEO, the results reflect the group’s “disciplined, customer-focused and resilient” approach. However, the journey also revealed challenges that required improved efficiency, better responsiveness and more discipline.

“Some processes were slowing us down. Some systems weren’t delivering the best experience. Our honest assessment led to decisive action, and we made the call to fix what wasn’t working,” he further outlined.

Aside from addressing inefficiencies and governance, systems and processes, NCBFG made new appointments to lead its digital transformation, governance and financial services. As a result, Almeida believes the financial entity is “better positioned” to respond to the needs of its customers and maintain its leadership in the Caribbean financial services sector.

Reiterating that “we’re not yet where we want to be”, the NCBFG executive is convinced that the financial institutions have laid a foundation on which to build.

“Our focus now is on building deeper relationships with our customers and driving growth. This means five things,” he stated.

The five areas NCB will focus on moving ahead are: simplifying financial services, investing in innovation, enhancing customer experiences, supporting businesses and entrepreneurs, and maintaining strong financial performance while reinvesting in customer value.

“Our strategy is simple: be brilliant at the basics and earn the trust of our customers create wealth and achieve our goals. With approximately 47,000 shareholders, 5,600 employees and assets exceeding $2.3 trillion, we are committed to building a sustainable and growing enterprise,” Almeida noted.

“As you can see, we have made some real progress, but we are not done yet. The work we do today will define the NCBFG of tomorrow. We will continue to listen to our stakeholders, challenge ourselves to do better, and make the changes needed to ensure that we always one step ahead of their needs. That is what will keep us competitive.”