NCBFG’s profit jumps 179% – Trinidad Guardian

Kingston, Ja­maica-based NCB Fi­nan­cial Group (NCBFG), on Wednes­day de­clared prof­it af­ter tax of J$21.56 bil­lion for the fi­nan­cial year end­ing Sep­tem­ber 30, 2024, which is a 179 per cent im­prove­ment com­pared to the J$7.71 bil­lion the fi­nan­cial ser­vices group earned in its 2023 fi­nan­cial year. (US$1 = J$155)

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In a state­ment, NCBFG said fol­low­ing the re­lease of the group’s unau­dit­ed ac­counts on No­vem­ber 14, its fi­nan­cial state­ments were fur­ther up­dat­ed in re­la­tion to the adop­tion of IFRS 17 ‘In­sur­ance Con­tracts’ and cor­rect­ing ad­just­ments and non-cred­it pro­vi­sions im­pact­ing both Sep­tem­ber 2024 and Sep­tem­ber 2023.

NCBFG said the up­dates/ad­just­ments im­pact­ed both the con­sol­i­dat­ed in­come state­ment and the con­sol­i­dat­ed state­ment of fi­nan­cial po­si­tion, along with the re­lat­ed notes.

In a notce on No­vem­ber 29, NCBFG said the fi­nal­i­sa­tion of the au­dit on its 2024 fi­nan­cials was de­layed due to the adop­tion of IFRS 17 by the group on Oc­to­ber 1, 2023.

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“This ac­count­ing stan­dard af­fect­ed the years end­ed for 2022, 2023 and 2024. Its ap­pli­ca­tion is com­plex and has had a sig­nif­i­cant im­pact on the group’s process­es and the re­port­ing of its in­sur­ance busi­ness,” said the fi­nan­cial group, which is list­ed on the Trinidad and To­ba­go Stock Ex­change, as well as the Ja­maica Stock Ex­change.

NCBFG is the ma­jor­i­ty share­hold­er of T&T’s Guardian Hold­ings Ltd, which is list­ed on both the T&T and Ja­maica Stock Ex­changes.

NCBFG’s chair­man is Michael Lee-Chin, who is al­so its largest share­hold­er..