The roots of National Commercial Bank Jamaica Limited (NCB) extend over some 170 years to 1837 when the Colonial Bank of London, England opened its doors on Harbour Street in the flourishing city of Kingston Jamaica. The bank emerged in August 1977 as National Commercial Bank Jamaica Limited against a changing banking landscape filled with mergers and acquisitions. 

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The overarching Group comprises of National Commercial Bank Jamaica Limited (NCBJ) and its subsidiaries, Clarien Group Limited (Clarien) and its subsidiaries and NCB Global Holdings Limited- majority owner of Guardian Holdings Limited (GHL) and its subsidiaries. NCBFG is a regional entity with presence in 21 territories in the English and Dutch Caribbean as well as in the United Kingdom.

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NCBFG achieved consistent growth in profitability during the period 2015-2019. The Board of Directors and management of the company consistently sought avenues to expand the operation of the company via additional acquisitions and consistent improvement in its technological capacity to engender increased efficiency and streamline operations.

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Notwithstanding the aforementioned, according to the NCBFG’s 2020 Annual Report, the Group recorded a net profit of 26.9 billion JMD, a 14% decline from the prior year. This was mainly due to a decline in economic activity linked to the COVID-19 pandemic, which resulted in a decline in profitability. Furthermore, the weakened economic circumstances resulted in reduced trading activities, downturn in the equity markets and a depreciation of the Jamaican currency resulting in reduced gains on investment activities and foreign currency. 

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Earnings per Share (EPS) fell from $12.30 in 2019 to $8.01 in 2020, a 35% decline from the prior year. Dividends of $1.90 per unit were distributed to shareholders during the year, a decline of 44% from the prior year. Additionally, there was a decline in the closing share price as compared to the prior year. 

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NCBFG’s stock ended the year at $130.90, a decline of 37% from the prior year.