NCB Financial Group (NCBFG), the parent company of Cayman Islands based bank, NCB (Cayman) Limited, and investment firm, NCB Capital Markets (Cayman) Limited, has this week posted record annual profits of US $219 million.
Earnings for the Jamaican headquartered business have hit a record high and increased 6% when compared to last year. The company has grown consistently over the past year and now serves 21 markets across the English and Dutch Caribbean, including Trinidad and Tobago, Barbados, the Cayman Islands, Bermuda, Jamaica, Curacao, Aruba, St Maarten and Bonaire.
Two years ago, NCBFG was aiming to rank within the top five financial institutions in the region. The group is now believed to be number one in the region and is vying for the position with Republic Financial Holding Company Limited and GNB Financial Group Limited, which recently announced it is set to take a controlling stake in FirstCaribbean International Bank (FCIB) via 66.73% of the shares in the banking group.
NCBFG navigated and satisfied regulatory requirements this year in order to conclude the acquisition of the majority stake in Guardian Holdings Limited, a large financial services group providing life, health, property and casualty insurance as well as pension and asset management services.
NCB (Cayman) Limited’s managing director, commented on the results: “Everyone is delighted with the group’s performance over the past 12 months and we expect to see further expansion over the coming months. We are focused on growth in more new markets and the appropriate use of technology to drive efficiencies and meet the digital needs of our customers.
“Here in Cayman we have enjoyed a busy year, and we look forward to continuing to serve clients in the private wealth, trusts, captive insurance and funds community by providing first-class banking and investment management services from our base in George Town. NCB Cayman is better-placed than ever to service the offshore banking needs of international clients – we operate within the institutional framework of one of the region’s largest banks, we have sustained growth in both income and profit, we have robust regulatory oversight and we have strong liquidity. We are in a great place to continue to offer our clients personalised and flexible banking and investment services within a financial institution that engenders confidence and trust.”