NCB positioned to lead the transformation
21 Jan 2015
"We are excited about the opportunities that exist and are bullish about the prospects that lie ahead. We see where all major macroeconomic levels have improved, and while we recognize that challenges still persist, we are positioning ourselves to lead the transformation for the benefit of the organisation and the nation." These were the opening remarks from Patrick Hylton, National Commercial Bank Jamaica Limited (NCB) Group Managing Director at the recent announcement of the Bank's unaudited results for its first quarter ended December 31, 2014. Speaking at its quarterly Investors' Briefing held January 23, 2015 at the NCB Wellness and Recreation Centre in Kingston, Mr. Hylton highlighted that NCB continues to maintain its focus on four key strategic areas in order to further advance its transformation agenda. These are: Sales and Service Effectiveness, Payments Innovation, Credit Expansion and Lean Transformation. He expounded by saying, "Our focus on Sales and Service sees us not only expanding our sales team for greater productivity but also improving the quality of our customers service experience so much so that we consistently deliver on and exceed our customers' expectations." He continued, "Our aim is to always be innovative and responsive, exploring new opportunities amidst the challenges. We have identified a major opportunity in the environment and so have been heavily investing in our payment solutions to enable us to capitalise on it."For the period under review, the Group reported Net profit of $2.1 billion, a decrease of 15%, or $368 million when compared to the corresponding period ended December 31, 2013. The primary drivers of this growth included the increase in operating income by 14%, or $1.5 billion, when compared with the three months ended December 31, 2013, mainly as a result of a gain on foreign currency and investment activities, up by $861 million, due to higher levels of foreign exchange income and gains from the sale of debt securities in the December 2014 quarter; increase in net fee and commission income by $465 million or 22%, mainly due to Payment Services fees related to card usage and transaction volumes, credit related fees from the growth in loans and greater corporate finance and unit trust fees booked in the current period and increase in net interest income by 2%, or $151 million, primarily due to growth in net loans and advances and investment securities portfolios. Mr. Hylton noted that despite the economic challenges the results reflect the continued strong performance of the Group and speak to the effectiveness of the core strategies being undertaken. To ensure same, the Group will continue to employ prudent risk management strategies while working to improving its risk capabilities. Enhancing its credit processes and expanding access to credit will also be among its top priorities. Furthermore, NCB will continue to adopt Lean principles in order to improve internal and external efficiencies, to the redounding benefit of our stakeholders. In closing, the Group Managing Director reinforced the Group's positive outlook for growth for the organisation and the nation. He declared, 'We will continue to play our part to be a good corporate citizen and will be a significant participant in the advancement of the nation."
