NCBFG, GHL future is bright says interim CEO

Jamaican holding company NCB Financial Group (NCBFG) interim CEO and chairman of Guardian Holdings Ltd – Robert Almeida has assured that the group and its subsidiaries are in a strong financial position.

He was speaking at NCB's investor briefing on Thursday.

“The NCB franchise – NCBJ, Guardian Holdings Ltd (GHL) and Clarion Bank – are all led by experienced teams with very strong records as well as experienced staff. With those pillars, the future of NCB remains bright,” he said.

He added that while there are uncertain global economic conditions that have affected the performance of the group, its operating subsidiaries have remained profitable, liquid and well capitalised.

“NCBJ has also shown resilience in the face of numerous challenging periods including the 2008 – 2009 global banking crisis, the Jamaican debt exchange, the national debt exchange and more recently a global pandemic, all of which resulted in billions of dollars in lost revenues. Longevity pays testimony to the resilience of the group. While our institutions may evolve in response to changing times the franchise remains steadfast and enduring,” he said.

The statements come on the heels of Finance Minister Colm Imbert debunking allegations of financial turmoil in the NCB and its subsidiaries, during a media conference on Wednesday.

During that media conference Imbert said GHL is in good shape, earning over $300 million in the first six months of the calendar year and the HSF has a net value of US$5.466 billion.

GHL's CEO Ian Chinapoo in an internal letter to staff assured the company is strong, well governed and with assured benefits being accrued for policyholders.

The NCB financial group reported a net profit of J$7.4 billion for the quarter ended June 30.

This is a 48 per cent improvement in profits over the prior quarter.

NCB said this rebound was attributed to improved gains from investments in the wealth asset management and investment banking segments – which contributed to income from its operations reaching J$35.6 billion for the quarter – some J$4 billion more than the company’s performance over the last quarter.

For the nine-months period ended June 30, the group reported a net profit of J$13.7 billion as compared to J$25.8 billion for previous comparable period.

Interim CFO Malcolm Saddler – presenting the results on Thursday – said it was a 47 per cent reduction in profits from the same period in 2022, but noted that the group has been improving on a quarterly basis.