NCB Financial Group (NCBFG) held its AGM at the Pegasus Hotel on Friday and used the occasion to announce its unaudited financial results for the three month period ended December 31, 2025 (Q1, 2026).

For this period, NCB reported a consolidated net profit of J$5.1 billion, a 1 per cent or $59 million decline compared to December 2024.

Net profit attributable to stockholders came in at $2.5 billion, $93 million lower than the corresponding quarter in the previous year. NCB puts the fall in profits down to the impact of Hurricane Melissa which it has been said will cost Jamaica 41 per cent of its GDP. 

Earnings per stock unit came in at $1.05 compared with $1.09 in the preceding year. NCB also cites the Asset Tax for having a damaging effect on its financial performance. This annual tax cost NCB, $2.7 billion. 

Operating income for the quarter was $33.5 billion, 5 per cent down on the prior year.

Operating expenses fell by 5 per cent to $26.2 billion. Net revenue from banking and investment activities declined by $8.5 billion to $25.4 billion.

The insurance business saw an uptick moving from $7.5 billion in the prior year to $9.4 billion for the period under review.

Deposits rose by 7 per cent to $836.9 billion at December 31, 2025. Loans and advances net of credit impairment losses came to $608.4 billion. Non-Performing Loans totalled $30.6 billion as at December 31, 2025, a 12 per cent increase over the previous year.

Equity for the quarter under review was $259. 2 billion, a 24 per cent increase over the prior year. The growth in equity was driven primarily by increased retained earnings. 

At the end of the period under review, NCB has assets of $2.4 trillion and $1.3 trillion in investment securities. The Board of Directors approved an interim dividend of $0.50 per ordinary stock unit. The dividend is to be paid on March 16, 2026.

Speaking at the AGM on the Q1, 2026 performance, Group CFO Malcolm Sadler said: “ The quarter includes the impact of Hurricane Melissa which affected the quarter’s performance through higher insurance claims, increased expected credit losses, lower fee income and elevated operating costs.

“Also there were unrealised fair value losses recorded through our equity portfolio primarily through the insurance segment.” 

Photos from the NCB AGM on Friday are by Our Today’s Lllewellyn Wynter