NCB maintaining pace through Transformation
01 Mar 2014
The transformation of our business model is required for future growth and success. Our world has changed and we too must adapt." Speaking at the National Commercial Bank Jamaica Limited's (NCB) recently held Annual General Meeting hosted at the Mona Visitors' Lodge and Conference Centre, Group Managing Director, Patrick Hylton, reaffirmed shareholders of NCB's commitment to the further development of the organization, through the advancement of its transformation agenda. In outlining the way forward, Hylton shared with the Meeting a core part of the Bank's strategy, where focus has been placed on expanding non-branch sales and service delivery, enhancing operational efficiency, increasing product breadth and penetration and expanding the business through mergers and acquisitions. Some of the primary drivers of these initiatives include: The continuation of the rollout of our Bank on the Go programme, outfitting our branches with intelligent ABMs, kiosks and cheque deposit boxes, so that customers can conduct routine transactions at their own convenience, in a safe environment, without long lines, at reduced or no fees. The continuation of our Lean Transformation initiative to improve our overall efficiency to better serve our customers. The effective integration of Advantage General Insurance Company and AIC Finance Limited into our operations to extract the full value of these acquisitions for both the organization and its customers, and To further capitalize on the growth momentum in our loan and deposit portfolios through continued emphasis on sales and service excellence. With the successful implementation of these strategies, NCB will further define the pace of change in the local and regional banking sector, enabling the organization to be optimally equipped to respond to any change in the market place. In acknowledgement of NCB's strategies, Orrett Staple, NCB Shareholder, commended Hylton for his commitment and focus on high performance and for leading his team towards continued success. Despite the difficult economic climate, NCB maintains its commitment to identifying opportunities for growth, whilst contributing to the social and economic development of the nation, primarily through its Foundation, which has contributed in excess of $900M towards various initiatives, since its inception in 2003. With net profits of $8.5 billion for the Financial Year 2012/13, representing a decrease of 14.9%, or $1.5 billion from the previous year, Hylton remains encouraged by key underlying indicators of health in our core performance, such as the growth in our loan and deposit portfolios and operating income. In closing, Hylton stated, "As leaders, it is our duty to make informed decisions and take courageous actions in the best interest of our stakeholders. We will continue to lead the pace of change, so that we can remain a viable and formidable player in the local and regional financial sector."
