NCBFG To Recommend Consideration for Dividends to be Paid at Next Board Meeting

The NCB Financial Group, NCBFG, is to recommend consideration for dividends to be paid out at its next board meeting.

The recommendation follows the release of unaudited financial results for the nine months ended June 30 this year.

The report shows a 12% increase in operating income, when compared to June 2023.

Chevon Campbell tells us more.

The 12% increase in operating income to $94 billion, represents an increase of nearly 10 billion.

The Group also reported interim unaudited consolidated net profit in excess of $21billion for the period.

That’s a considerable improvement of 9.3 billion over the previous reporting period.

Consolidated net profit attributable to stockholders was $13.7 billion.

That’s a 61% increase, or $5.2 billion.

Four of the seven company’s operating segments showed improvements over the period.

Net revenues from banking and investment activities declined by four percent, or $2.3 billion. 

Investment securities increased by 3-percent, or $32 billion.

Customer deposits also grew by four percent, or $30 billion, compared to a similar period in 2023.

NCBFG says these results for the nine months have demonstrated the output from efforts to optimise efficiency and cost.

Due to the strong performance recommendation for dividends to be paid out, this is to be considered by the Board of Directors during a meeting to be held on Friday.

The push is in line with a call from the Chairman of NCBFG, Michael Lee-Chin, who undertook a major shakeup of the organisation last year.

This comprised parting ways with several high-ranking executives, including former CEO Patrick Hylton and his deputy Dennis Cohen.

Both men officially resigned in November of 2023.

Mr. Lee Chin expressed concerns in 2023 regarding the company’s efficiency and lack of dividends being paid out for nearly three years at that point in time.