Posting a $2.9B Q1 Profit NCB continues with plans for transformation

NCB’s Group Managing Director highlighted that keen focus will be placed on maintaining and building performance; and to achieve this feat four core areas of the business will serve to enhance the overall efficiency of the organization whilst improving the customer service quality. These are:

  • Lean Operations to create greater efficiency in how we serve, execute and run the business such as workflow, enhanced technology requirement, centralization and outsourcing;  
  • Sales Effectiveness to maximize selling opportunities including tools and data analytics
  • Enhancing customer experience through the implementation of new electronic channels within our branch network, and
  • Regional expansion: the Group recently completed acquisition of AIC Finance in Trinidad & Tobago which is the first step in realizing this aspiration.

The Group posted net profit of $2.9 billion, representing a 61% increase or $1.1 billion when compared to the previous quarter. The main contributing factors included the 3% increase in operating income; the decline in operating expenses and the gain on the acquisition of AIC Finance TT, which also led to a 17% growth in the asset base.  There were also improvements in all the major business drivers, the most significant being the increase in the loan portfolio by 27% and Liabilities under Annuity & Insurance Contracts up by 33%.

“As the largest home-grown commercial bank, we have a responsibility for industry leadership and we are shaping the direction of the market and defining the new norm of providing convenient banking solutions,” Hylton said. “As we look to the future, we are excited about our transformation agenda and the potential for improving our operational efficiency, but more so for the opportunity it affords us to deliver superior service to our customers, helping them to Put their Best Lives Forward.”