Q3 2026 NCB Financial Group Ltd Earnings Call

August 14, 2026

Speaker #1: At the heart of our strategy is a clear belief: financial performance must translate into real value for customers and sustainable returns for our shareholders.

Robert Almeida: At the heart of our strategy is a clear belief. Financial performance must translate into real value for customers and sustainable returns for our share-

[Video Narrator]: At the heart of our strategy is a clear belief. Financial performance must translate into real value for customers and sustainable returns for our share-

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[Video Narrator]: Make secure and faster payments with NCB Pay. NCB Pay stores all your NCB credit and prepaid cards and reduces fraud by hiding your card information when you pay. So you can just tap and go with your Android phone. Don't just pay, NCB Pay. Download today. Today's woman is not just an entrepreneur, a mother, or the girlfriend that gets all the girls together. She's all that and much more. We call her a queen. She's driven to live life to the max, and nothing should slow her drive down. That's why Guardian General's QueenGuard Motor Insurance was created with this woman in mind. Delivering benefits like 24-hour roadside assistance, uninsured motorist protection, windscreen coverage, replacement of personal belongings, speedy claims settlement, and so much more at affordable premiums that won't break your pocket. For more information, contact your broker or call us at 876-935-6681 or toll-free 888-468-3474.

Speaker #2: Make secure and faster payments with NCB Pay. NCB Pay stores all your NCB credit and prepaid cards, and reduces fraud by hiding your card information when you pay.

Speaker #2: So you can just tap and go with your Android phone. Don't just pay—NCB Pay. Download today.

Speaker #1: Today's woman is not just an entrepreneur, a mother, or the girlfriend who gets all the girls together. She's all that, and much more. We call her a queen.

Speaker #1: She's driven to live life to the max, and nothing should slow her drive down. That's why Guardian General's Queen Guard Motor Insurance was created with this woman in mind.

Speaker #1: Delivering benefits like 24-hour roadside assistance, uninsured motorist protection, windscreen coverage, replacement of personal belongings, speedy claims settlement, and so much more, at affordable premiums that won't break your pocket.

Speaker #1: For more information, contact your broker or call us at 876-935-6681, or toll-free at 888-468-3474.

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[Company Representative] (NCB Financial Group): When your business starts growing, sometimes the tools you rely on can start holding you back. It's time for an upgrade. Get road-ready with NCB. Enjoy monthly payments as low as JMD 12,033 per million borrowed. WhatsApp Wheels to 876-613-9160 to get started. Conditions apply.

[Video Narrator]: When your business starts growing, sometimes the tools you rely on can start holding you back. It's time for an upgrade. Get road-ready with NCB. Enjoy monthly payments as low as JMD 12,033 per million borrowed. WhatsApp Wheels to 876-613-9160 to get started. Conditions apply.

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Speaker #4: In a world where scams lurk around every corner, NCB is working tirelessly.

[Company Representative] (NCB Financial Group): In a world where scams lurk around every corner, NCB is working tireless-

[Video Narrator]: In a world where scams lurk around every corner, NCB is working tireless-

Michael Lee-Chin: Go on, darling. Good morning, ladies and gentlemen. Welcome to our Q3 investor briefing 2024. You are going to hear a lot about what we have done over the last quarter, year to date, et cetera. I will not spend any time dwelling on that. What I am going to spend some time doing is talking about where NCB is going and in fact, what will inevitably determine our future results. The future results of any company, including NCB, is a function of its culture and how aligned the organization is to a culture, a unified culture. What we are doing here at NCB currently is making sure that our cultural reset, we are doing a cultural reset, and the cultural reset revolves around the word CARE and the acronym CARE. As we all know, the word CARE has some warm connotations. It suggests selflessness. It suggests service. It suggests empathy.

Speaker #3: Good morning, ladies and gentlemen. Welcome to our Q3 investor briefing for 2024. You are going to hear a lot about what we have done over the last quarter, year to date, etcetera.

Speaker #3: So I will not spend any time dwelling on that. What I'm going to spend some time doing is talking about where NCB is going and, in fact, what will inevitably determine our future results.

Speaker #3: The future results of any company, including NCB, are a function of its culture and how aligned the organization is to a unified culture.

Speaker #3: And what we are doing here at NCB currently is making sure that our cultural reset—we're doing a cultural reset—and the cultural reset revolves around the word 'CARE,' and the acronym CARE.

Speaker #3: As we all know, the word "care" has some warm connotations. It suggests selflessness, it suggests service, it suggests empathy. That's the word "care." It's very warm.

Michael Lee-Chin: That is the word CARE. It is very warm. If you think about it, wouldn't you want to make sure that the reputation of your own family on a personal basis be one of CARE? An institution should be no different, and hence to us, that is our guiding light with respect to our culture. In terms of the acronym, what do the letters C-A-R-E mean to us. Firstly, C is collaborate. Collaborate with whom? With all our stakeholders. A, accountability. Accountability to whom? To all our stakeholders, internal and external. R, respect. Respect to whom? All our stakeholders, internal and external. Lastly, in everything we do, we ask ourselves the question, what standard am I operating at? No one is going to say, "I am operating at mediocre or sub-mediocre standard." In our case, we put it out there.

Speaker #3: And if you think about it, wouldn't you want to make sure that the reputation of your own family, on a personal basis, is one of care?

Speaker #3: An institution should be no different, and hence, to us, that is our guiding light with respect to our culture. In terms of the acronym, what do the letters C, A, R, and E mean to us?

Speaker #3: Firstly, C: it's collaborate. Collaborate with whom? With all our stakeholders. A: accountability. Accountability to whom? To all our stakeholders, internal and external. R: respect.

Speaker #3: Respect to whom? All our stakeholders, internal and external. And lastly, in everything we do, we ask ourselves the question: What standard am I operating at?

Speaker #3: And no one is going to say, "I'm operating at a mediocre or sub-mediocre standard." In our case, we put it out there: the standard that we are operating at is one of excellence and mastery.

Michael Lee-Chin: The standard that we are operating at is one of excellence/mastery. That is where we are going. The word CARE, the acronym C-A-R-E, is very, very meaningful. It is our driver of our behavior. We want to be measured by it. That is the reason why I am starting off with it. I am putting it out there publicly so the public can say, starting with chairman, "Chairman, you are not acting in a way that shows honor to CARE the word or the acronym CARE." We want to make sure that we lead by example, starting with the chairman and permeating right through the organization. That is how we are going to build the best business, not only in Jamaica, not only the region, but in the world. Because we are certainly very high aspirational. In summary, what will determine future performance is culture. Our culture is summarized by the word CARE.

Speaker #3: That's where we're going. So, the word 'care,' the acronym C-A-R-E, is very, very meaningful. It's our driver of our behavior. We want to be measured by it.

Speaker #3: That's the reason why I'm starting off with it. That's why I'm putting it out there publicly, so the public can see—starting with Chairman.

Speaker #3: Chairman, you're not acting in a way that shows honor to CARE—the word or the acronym CARE. So, we want to make sure that we lead by example, starting with the Chairman and permeating right through the organization.

Speaker #3: That's how we're going to build the best business—not only in Jamaica, not only in the region, but in the world—because we are certainly very highly aspirational.

Speaker #3: So, in summary, what will determine future performance is culture. And our culture is summarized by the word 'care.' So, with that, I'd like to pass the baton over to Malcolm—Malcolm, CFO for the group—who will walk you through the results of the group.

Michael Lee-Chin: With that, I'd like to pass the baton over to Malcolm, CFO for the group, who will walk you through the results of the group. Thank you very much.

Speaker #3: Thank you very much.

Speaker #2: Thank you. Thank you, Chairman. Honorable Michael Lichen, Robert Almeida, Group Chief Executive Officer, Dave Garcia, Group General Counsel and Chief Administrative Officer, directors, and executives.

Malcolm Sadler: Thank you. Thank you, Chairman. Honorable Michael Lee-Chin, Robert Almeida, Group Chief Executive Officer, Dave Garcia, Group General Counsel and Chief Administrative Officer, directors and executives, shareholders, and all stakeholders. Good day, and thank you for joining us for our Q3 investors briefing. This morning, I'll provide an overview of the group's financial performance for the nine months ended 30 June 2026, highlighting the key drivers of the results, segment performance, and the financial position. For the nine months ended 30 June 2026, the group recorded consolidated net profit of JMD 18.6 billion, compared with JMD 30.5 billion in the prior year. Net profit attributable to stockholders of the company was JMD 13.3 billion, compared with JMD 19 billion for the corresponding period last year.

Speaker #2: Shareholders and all stakeholders, good day, and thank you for joining us for our third-quarter investors briefing. This morning, I'll provide an overview of the group's financial performance for the nine months ended June 30, 2026, highlighting the key drivers of the results, segment performance, and the financial position.

Speaker #2: For the nine months ended June 30, 2026, the Group recorded consolidated net profit of $18.6 billion, compared with $30.5 billion in the prior year.

Speaker #2: Net profit attributable to stockholders of the company was $13.3 billion, compared with $19.0 billion for the corresponding period last year. The lower net profits for the current year were primarily driven by the non-recurrence of the $15.1 billion gain recognized in the prior year from the disposal of the Netherlands-based insurance brokerage business.

Malcolm Sadler: The lower net profits for the current year was primarily driven by the non-recurrence of the JMD 15.1 billion gain recognized in the prior, from the disposal of the Netherlands-based insurance brokerage business. Operating income declined by JMD 14.1 billion or 13% to JMD 96.2 billion. The movement was largely influenced by the non-recurrence of the prior year's disposal gain and a reduction in other gains from foreign currency and investment activities, which were partially offset by higher net interest income and higher insurance service results. These factors also contributed to the overall decrease in net revenues from banking and investment activities to JMD 86.8 billion, 23% down from the JMD 112.5 billion in the prior year. Insurance activities continue to make a positive contribution, with insurance service results improving to JMD 19.9 billion, representing a 30% or JMD 4.6 billion increase.

Speaker #2: Operating income declined by $14.1 billion, or 13%, to $96.2 billion. The movement was largely influenced by the non-recurrence of the prior year's disposal gain, and a reduction in other gains from foreign currency and investment activities, which were partially offset by higher net interest income and higher insurance service results.

Speaker #2: These factors also contributed to the overall decrease in net revenues from banking and investment activities, to $86.8 billion, down 23% from $112.5 billion in the prior year.

Speaker #2: Insurance activities continue to make a positive contribution, with insurance service results improving to $19.9 billion, representing a 30%, or $4.6 billion, increase. Insurance revenue increased by 3% to $112.3 billion.

Malcolm Sadler: Insurance revenue increased by 3% to JMD 112.3 billion, while insurance service expenses rose by JMD 33.8 billion or 47%, mainly due to higher claims resulting from Hurricane Melissa. This was partially offset by reinsurance recoveries, which resulted in an overall reduction of JMD 34.8 billion in net expenses from reinsurance contracts. Net insurance finance expenses also declined by JMD 7 billion or 40% to JMD 10.6 billion due to the impact of net fair value losses on certain investment-linked products. Operating expenses were lower as we continue to focus on cost discipline, which led to these expenses declining by JMD 3.5 billion or 5% to JMD 70.8 billion. However, the overall lower reported profit for the current period resulted in return on equity of 8.57%, compared with 13.97% for last year. Return on assets of 1.02%, compared with 1.73%. Cost to income of 70.40%, compared with 63.43% for last year.

Speaker #2: While insurance service expenses rose by $33.8 billion, or 47%, mainly due to higher claims resulting from Hurricane Melissa, this was partially offset by reinsurance recoveries, which resulted in an overall reduction of $34.8 billion in net expenses from reinsurance contracts.

Speaker #2: Net insurance finance expenses also declined by $7 billion, or 40%, to $10.6 billion, due to the impact of net fair value losses and certain investment-linked products.

Speaker #2: Operating expenses were lower, as we continue to focus on cost discipline, which led to these expenses declining by $3.5 billion, or 5%, to $70.8 billion.

Speaker #2: However, the overall lower reported profit for the current period resulted in return on equity of 8.57%, compared with 13.97% for last year; and return on assets of 1.02%, compared with 1.73%.

Speaker #2: Cost to income of 70.40%, compared with 63.43% for last year. If we normalize the prior results by removing the one-off gain of $15.1 billion, the current year's return on equity, return on assets, and cost to income would have improved by 148 basis points, 15 basis points, and 244 basis points, respectively.

Malcolm Sadler: If we normalize the prior results by removing the one-off gain of JMD 15.1 billion, the current year's return on equity, return on assets, and cost to income would have improved by 148 basis points, 15 basis points, and 244 basis points respectively. The core current year performance metrics therefore reflect positive momentum and indicate that the group continues to move in the right direction. Excluding the prior gain, core year-to-date net profit improved by 21% or JMD 3.2 billion, and core net profit attributable to stockholders of the company improved by 38% or JMD 3.7 billion. The main drivers of the performance include insurance service results, which improved by 30%, driven mainly by high insurance revenue.

Speaker #2: The core current year performance metrics, therefore, reflect positive momentum and indicate that the group continues to move in the right direction. Excluding the prior gain, core year-to-date net profit improved by 21%, or $3.2 billion, and core net profit attributable to stockholders of the company improved by 38%, or $3.7 billion.

Speaker #2: The main drivers of the performance include insurance service results, which improved by 30%, driven mainly by higher insurance revenue. This reflected stronger revenue performance across the insurance portfolio in both the life, health and pensions, and property and casualty segments, and reinsurance recoveries, particularly within the general insurance business, serving to largely offset the claims from Hurricane Melissa.

Malcolm Sadler: This reflected stronger revenue performance across the insurance portfolio in both the Life, Health and Pensions and Property and Casualty segments and reinsurance recoveries partially within the general insurance business, serving to largely offset the claims from Hurricane Melissa. Net insurance finance expenses declined by 40%, mainly reflecting valuation movements in the underlying insurance investment portfolios and the related reduction in policyholders' liabilities. Net interest income increased by JMD 3.6 billion or 6%, supported by higher income from investment securities and lower interest expense on customer deposits, repurchase agreements, and securitization arrangements. This was achieved notwithstanding negative loan growth as the group continued to focus on portfolio optimization and asset quality. Operating expenses declined by 5%. The reduction was driven by lower operational losses, management fees, technical consultancy and professional fees, as well as lower insurance costs, underscoring the group's continued focus on cost optimization and operational efficiency.

Speaker #2: Net insurance finance expenses declined by 40%, mainly reflecting valuation movements in the underlying insurance investment portfolios and the related reduction in policyholders' liabilities. Net interest income increased by $3.6 billion, or 6%, supported by higher income from investment securities and lower interest expense on customer deposits, repurchase agreements, and securitization arrangements.

Speaker #2: This was achieved notwithstanding negative loan growth, as the group continued to focus on portfolio optimization and asset quality. Operating expenses declined by 5%. The reduction was driven by lower operational losses, management fees, technical consultancy and professional fees, as well as lower insurance costs—underscoring the group's continued focus on cost optimization and operational efficiency.

Speaker #2: There were, however, increases in depreciation and amortization, finance costs, and asset tax. The favorable movements in various income streams and operating expenses were partially offset by the decline in gains from foreign currency and investment activities, by $15.2 billion, or 92%, reflecting market-driven valuation losses on equity investments and lower realized gains from the sale of debt securities.

Malcolm Sadler: There were, however, increases in depreciation, amortization, finance costs, and asset tax. The favorable movements in various income streams and operating expenses were partially offset by the decline in gains from foreign currency and investment activities by JMD 15.2 billion or 92%, reflecting market-driven valuation losses on equity investments and lower realized gains from the sale of debt securities. Our diversified business model supported the group's performance with strong contributions from all seven segments. Five of the seven segments recorded higher profits year over year. Life, Health and Pensions remained the largest contributor, despite a 51% reduction in current year profits due to the non-recurrence of last year's one-off disposal gain and higher fair value losses in this year. The performance was supported by improved insurance service results, driven by higher insurance revenues, lower claims, and directly attributable expenses, as well as lower net insurance finance expenses.

Speaker #2: Our diversified business model supported the group's performance, with strong contributions from all seven segments. Five of the seven segments recorded higher profits year over year.

Speaker #2: Life, health, and pensions remained the largest contributor, despite a 51% reduction in current-year profits, due to the non-recurrence of last year’s one-off disposal gain and higher fair value losses this year.

Speaker #2: The performance was supported by improved insurance service results, driven by higher insurance revenues, lower claims and directly attributable expenses, as well as lower net insurance finance expenses. The general insurance segment also recorded a profit, despite being down 20%, due mainly to the impact of net claims as a result of Hurricane Melissa.

Malcolm Sadler: The general insurance segment also recorded a profit, despite being down 20% due mainly to the impact of net claims as a result of Hurricane Melissa. The overall operating profit for the current period was supported by higher insurance revenue and reinsurance claims recoveries, which demonstrated the value of the group's approach to risk management and disciplined underwriting. Treasury and Correspondent Banking remained a key contributor, generating operating profits 2% higher than the prior year. This segment continues to play a central role in the group's liquidity management, balance sheet positioning, and foreign exchange activities. Wealth, Asset Management, and Investment Banking reported operating profits 53% above the prior year, supported by stronger net interest income, fee-based income, and investment activity. The segment benefited from continued client activity across wealth and asset management products and disciplined management of funding costs.

Speaker #2: The overall operating profit for the current period was supported by higher insurance revenue and reinsurance claims recoveries, which demonstrated the value of the group's approach to risk management and disciplined underwriting.

Speaker #2: Treasury and correspondent banking remained a key contributor, generating operating profits 2% higher than the prior period. This segment continues to play a central role in the Group's liquidity management, balance sheet positioning, and foreign exchange activities.

Speaker #2: Wealth, asset management, and investment banking reported operating profits 53% above the prior, supported by stronger net interest income, fee-based income, and investment activity. The segment benefited from continued client activity across wealth and asset management products, and disciplined management of funding costs.

Speaker #2: The Payment Services segment delivered operating profits of 43% over the prior period. This performance was supported by continued growth in card issuing and acquiring volumes, increased transaction activities across digital and electronic payment channels, and ongoing customer migration toward more convenient payment solutions.

Malcolm Sadler: The Payment Services segment delivered operating profits of 43% over the prior year. This performance was supported by continued growth in card issuing and acquiring volumes, increased transaction activities across digital and electronic payment channels, and ongoing customer migration toward more convenient payment solutions. This segment remains an important contributor to fee income and reflects the benefits of continued investments in digital capabilities, merchant services, and payments infrastructure. Corporate and Commercial Banking recorded operating profits 14% higher, reflecting improved net interest margin and reduced credit impairment provisions. Consumer & SME Banking reported operating profits of 148% over the prior year. The improvement was supported by higher margins and lower credit impairment provisions, reflecting disciplined pricing, active portfolio management, and continued focus on credit quality. While loan growth remained subdued, the segment continued to deepen customer relationships, support small business clients, and maintain stable earnings within the banking franchise.

Speaker #2: This segment remains an important contributor to fee income and reflects the benefits of continued investments in digital capabilities, merchant services, and payments infrastructure. Corporate and Commercial Banking recorded operating profits 14% higher, reflecting improved net interest margin and reduced credit impairment provisions.

Speaker #2: Consumer and SME Banking reported operating profits up 148% over the prior period. The improvement was supported by higher margins and lower credit impairment provisions, reflecting disciplined pricing, active portfolio management, and continued focus on credit quality.

Speaker #2: While loan growth remained subdued, the segment continued to deepen customer relationships, support small business clients, and maintain stable earnings within the banking franchise. The performance across all segments reinforces the value of the group's diversified business model, which continues to drive our revenue base and support more resilient earnings across varying market conditions.

Malcolm Sadler: The performance across all segments reinforces the value of the group's diversified business model, which continues to drive our revenue base and support more resilient earnings across varying market conditions. As at 30 June 2026, the group maintained a strong and stable financial position, supported by a resilient balance sheet and solid capital base. From a capital perspective, all regulated entities remained well above the applicable minimum requirements, providing the group with financial flexibility to support its strategic priorities. Total assets increased to JMD 2.43 trillion, up 2% or JMD 45.2 billion year over year. Investment securities, including pledged assets and reverse repurchase agreements, remained a major earning asset at JMD 1.29 trillion, increasing by approximately JMD 40 billion or 3% over the prior. Loans and advances declined by 3% to JMD 606 billion as we focus on portfolio optimization and asset quality.

Speaker #2: As of June 30, 2026, the Group maintained a strong and stable financial position, supported by a resilient balance sheet and solid capital base. From a capital perspective, all regulated entities remained well above the applicable minimum requirements, providing the Group with financial flexibility to support its strategic priorities.

Speaker #2: Total assets increased to $2.43 trillion, up 2%, or $45.2 billion year over year. Investment securities, including pledged assets and reverse repurchase agreements, remained a major earning asset at $1.29 trillion, increasing by approximately $40 billion, or 3%, over the prior year.

Speaker #2: Loans and advances declined by 3% to $606 billion, as we focus on portfolio optimization and asset quality. Customer deposits increased by $68 billion, or 8%, to $874 billion.

Malcolm Sadler: Customer deposits increased by JMD 68 billion or 8% to JMD 874 billion, remaining the primary source of funding and reflecting continued confidence in the group. Insurance contract liabilities increased by 1% to JMD 568 billion, comparing with JMD 563 billion in the prior, reflecting continued growth in the insurance portfolio. Total stockholders' equity increased by 14% to JMD 274 billion, while equity attributable to stockholders of NCBFG increased by 13% to JMD 214 billion, reflecting continued growth in shareholder value. The book value per share increased by 13% to JMD 82.92 as at 30 June 2026, compared to JMD 73.43 in the prior. Also, the board of directors at its meeting on 13 August 2026, approved an interim dividend of JMD 0.50 per ordinary stock unit payable on 11 September 2026 to stockholders on record as at 28 August 2026.

Speaker #2: Remaining the primary source of funding and reflecting continued confidence in the group. Insurance contract liabilities increased by 1% to $568 billion, compared with $563 billion in the prior period, reflecting continued growth in the insurance portfolio.

Speaker #2: Total stakeholders' equity increased by 14% to $274 billion, while equity attributable to stakeholders of NCBFG increased by 13% to $214 billion, reflecting continued growth in shareholder value.

Speaker #2: The book value per share increased by 13%, to $82.92 as of June 30, 2026, compared to $73.43 in the prior period. Also, the Board of Directors, at its meeting on August 13, 2026, approved an interim dividend of $0.50 per ordinary stock unit, payable on September 11, 2026, to stakeholders on record as of August 28, 2026.

Speaker #2: In closing, while the comparative results were affected by the prior period's disposal gain, the group's underlying performance continues to strengthen. I would like to acknowledge our teams across the group for their continued focus and commitment throughout the period. Their execution, particularly in a more challenging operating environment, has been central to maintaining stability and supporting performance.

Malcolm Sadler: In closing, while the comparative results were affected by the prior's disposal gain, the group's underlying performance continues to strengthen. I would like to acknowledge our teams across the group for their continued focus and commitment throughout the period. Their execution, particularly in a more challenging operating environment, has been central to maintaining stability and supporting performance. I also extend my appreciation to our customers and shareholders for your continued trust and confidence in the group. As we progress through the remainder of the financial year, we remain focused on navigating the operating environment and delivering sustainable value for all stakeholders. Thank you, and I will now hand over to our Group Chief Executive Officer, Robert Almeida.

Speaker #2: I also extend my appreciation to our customers and shareholders for your continued trust and confidence in the Group. As we progress through the remainder of the financial year, we will remain focused on navigating the operating environment and delivering sustainable value for all stakeholders.

Speaker #2: Thank you, and I will now hand over to our Group Chief Executive Officer, Robert Almeida.

Speaker #1: Thank you, Malcolm. Good morning, all. Good morning, Chairmen, Directors, colleagues, shareholders, analysts, members of the media, and team members—good morning. For the last two quarters, I have said that 2026 would be a transition year for the Group—a year in which the heavy lifting of stabilization and restructuring would continue to give way to a more predictable, more disciplined, and more sustainable operating rhythm.

Robert Almeida: Thank you, Malcolm. Good morning, all. Good morning, chairmen, directors, colleagues, shareholders, analysts, members of the media, team members. Good morning. For the last two quarters, I have said that 2026 would be a transition year for the group, a year in which the heavy lifting of stabilization and restructuring would continue to give way to a more predictable, more disciplined, and more sustainable operating rhythm. That transition is not only underway, it is becoming clearer. This quarter amplifies what we have been saying for some time. The progress we are seeing is not accidental. It is the result of deliberate choices, disciplined execution, and perseverance over several years. We stayed focused when the work was difficult. We remained disciplined when the benefits were not fully visible. Today, the evidence is increasingly clear that NCB Financial Group is on the right track. Three years ago, our priority was clear.

Speaker #1: That transition is not only underway; it is becoming clearer. This quarter amplifies what we have been saying for some time. The progress we are seeing is not accidental.

Speaker #1: It is the result of deliberate choices, disciplined execution, and perseverance over several years. We stayed focused when the work was difficult. We remained disciplined when the benefits were not fully visible.

Speaker #1: And today, the evidence is increasingly clear that NCB Financial Group is on the right track. Three years ago, our priority was clear: we needed to strengthen the foundations of the Group.

Robert Almeida: We needed to strengthen the foundations of the group. We focused on our balance sheet, strengthened governance, sharpened our focus on efficiency, and began reshaping the organization around businesses and capabilities that could scale. Today, the conversation is changing. It is no longer only about strengthening NCB Financial Group. Increasingly, it is about what a stronger, more disciplined, and more capable NCB Financial Group can now do. Financial strength matters because it creates options. It gives an institution the capacity not only to withstand uncertainty, but to act deliberately when opportunities arise. That is increasingly relevant to NCB Financial Group. Our balance sheet is considerably stronger than it was three years ago. Our equity base is substantially higher. Our debt has passed its peak and is now reducing, and we intend to accelerate that reduction in a disciplined way. Our cost of funding is also declining.

Speaker #1: We focused on our balance sheet, strengthened governance, sharpened our focus on efficiency, and began reshaping the organization around businesses and capabilities that could scale.

Speaker #1: Today, the conversation is changing. It is no longer only about strengthening NCB Financial Group. Increasingly, it is about what a stronger, more disciplined, and more capable NCB Financial Group can now do.

Speaker #1: Financial strength matters because it creates options. It gives an institution the capacity not only to withstand uncertainty, but to act deliberately when opportunities arise.

Speaker #1: That is increasingly relevant to NCB Financial Group. Our balance sheet is considerably stronger than it was three years ago. Our equity base is substantially higher.

Speaker #1: Our debt has passed its peak and is now reducing, and we intend to accelerate that reduction in a disciplined way. Our cost of funding is also declining.

Speaker #1: These are not just abstract financial metrics. They improve our flexibility, increase our ability to invest, and strengthen our capacity to grow. Over time, they enhance our ability to create and return value to our shareholders.

Robert Almeida: These are not just abstract financial metrics. They improve our flexibility, they increase our ability to invest, they strengthen our capacity to grow, and over time, they enhance our ability to create and return value to our shareholders. That is what strength gives us. It gives us options. Financial strength alone is not enough. An institution must also have the capability, governance, leadership, and execution discipline to use that strength well. The work of the past three years has been about more than just stabilization. It has been about change and evolution. We have been deliberately building a group that is stronger, simpler, more integrated, and more capable of sustaining performance across different market cycles. That does not happen in one quarter. It is built layer by layer through governance, leadership, operating discipline, capital allocation, customer focus, and execution.

Speaker #1: That is what strength gives us—it gives us options. But financial strength alone is not enough. An institution must also have the capability—governance, leadership, and execution discipline—to use that strength well.

Speaker #1: The work of the past three years has been about more than just stabilization. It has been about change and evolution. We have been deliberately building a group that is stronger, simpler, more integrated, and more capable of sustaining performance across different market cycles.

Speaker #1: That does not happen in one quarter. It is built, layer by layer, through governance, leadership, operating discipline, capital allocation, customer focus, and execution. This quarter shows that those layers are beginning to work together.

Robert Almeida: This quarter shows that those layers are beginning to work together. Our board is more mature in its understanding of the business, its priorities, and the execution choices required to create long-term value. Our leadership teams across the principal operating companies are firmly in place. Governance structures have strengthened. Group functions are becoming more integrated. Succession planning, continuity, and leadership depth are giving the organization greater resilience. That matters because our strategy has never simply been about having a collection of successful companies. Being part of NCB Financial Group should make each of our businesses stronger. The group itself should create value beyond what each company could create on its own. Our strength, therefore, is increasingly institutional. It is not dependent on any one person, one company, one country, or one product. It is increasingly people led, capability driven, and execution centered.

Speaker #1: Our board is more mature in its understanding of the business, its priorities, and the execution choices required to create long-term value. Our leadership teams across the principal operating companies are firmly in place.

Speaker #1: Governance structures have strengthened. Group functions are becoming more integrated. Succession planning, continuity, and leadership depth are giving the organization greater resilience. That matters because our strategy has never simply been about having a collection of successful companies.

Speaker #1: Being part of NCB Financial Group should make each of our businesses stronger. The Group itself should create value beyond what each company could create on its own. Strength, therefore, is increasingly institutional.

Speaker #1: It is not dependent on any one person, one company, one country, or one product. It is increasingly people-led, capability-driven, and execution-centered. Over the past several years, we have been building that capability through our centers of excellence.

Robert Almeida: Over the past several years, we have been building that capability to our centers of excellence. We have executed on the Pension Fund Administration and Investment Management Centers of Excellence in Jamaica. These are important steps in building deeper technical capability, stronger operating focus, and more scalable platforms within the group. Through Clarien's completion of the acquisition of NCB Cayman's operations, we will have advanced the establishment of our centers of excellence for international financial centers. Subject to regulatory approval, we also intend to combine NCB Merchant Bank (Trinidad and Tobago) Limited with Guardian Asset Management Trinidad to create a wealth management and capital market center of excellence serving the Southern Caribbean. These are connected steps towards creating a more integrated, scalable, and efficient financial group. We said we would simplify the group, improve capital allocation, and build capabilities that could support future growth. We are executing on those commitments.

Speaker #1: We have executed on the pension fund administration and investment management centers of excellence. In Jamaica, these are important steps in building deeper technical capability, stronger operating focus, and more scalable platforms within the group.

Speaker #1: Through Clarion's completion of the acquisition of NCB Cayman’s operations, we will have advanced the establishment of our Centers of Excellence for international financial centers, subject to regulatory approval.

Speaker #1: We also intend to combine NCB Merchant Bank (Trinidad and Tobago) Limited with Guardian Asset Management (Trinidad) to create a wealth management and capital markets center of excellence serving the Southern Caribbean.

Speaker #1: These are connected steps toward creating a more integrated, scalable, and efficient financial group. We said we would simplify the group, improve capital allocation, and build capabilities that could support future growth.

Speaker #1: We are executing on those commitments. At the same time, our internal restructuring continues. This work is not designed for short-term effect; it is designed to create a stronger operating model.

Robert Almeida: At the same time, our internal restructuring continues. This work is not designed for short-term effect. It is designed to create a stronger operating model, clearer accountability, better use of capital, and more consistent execution over time. We saw the importance of institutional strength following Hurricane Melissa. For the families and communities affected, the hurricane was devastating. Homes and livelihoods were affected. Businesses were disrupted. Many customers needed their financial institutions most at a time when normal life had been turned upside down. For us, resilience in a moment like that cannot simply mean strong ratios on the balance sheet. It means being able to continue serving. It means customers being able to access their money. It means businesses having a financial partner as they recover. It means our insurance businesses having the capacity to respond to legitimate claims. That is why institutional strength matters beyond NCB Financial Group itself.

Speaker #1: Clear accountability, better use of capital, and more consistent execution over time. We saw the importance of institutional strength following Hurricane Melissa. For the families and communities affected, the hurricane was devastating.

Speaker #1: Homes and livelihoods were affected. Businesses were disrupted. Many customers needed their financial institutions most at a time when normal life had been turned upside down.

Speaker #1: For us, resilience in a moment like that cannot simply mean strong ratios on the balance sheet. It means being able to continue serving, it means customers being able to access their money, and it means businesses having a financial partner as they recover.

Speaker #1: It means our insurance businesses have the capacity to respond to legitimate claims. That is why institutional strength matters, beyond NCB Financial Group itself. It makes us better able to stand with the markets, economies, and communities we serve when they are tested.

Robert Almeida: It makes us better able to stand with the markets, economies, and communities we serve when they are tested. The progress we have made is also becoming increasingly visible in our performance. As Malcolm outlined, our underlying earnings are becoming more predictable, with a core recurring earnings profile now emerging in the region of JMD 5 billion to JMD 6 billion per quarter. There will always be volatility. Markets will move and unexpected events will occur. But what investors should increasingly be able to see through that volatility is the underlying earnings power of the group. We are also making progress on efficiency. Our cost-to-income ratio continues to improve, although it remains above our target of approximately 60%. Return on equity has strengthened, although it remains below our 15% hurdle. So while we recognize the progress, there is more work to do.

Speaker #1: The progress we have made is also becoming increasingly visible in our performance. As Malcolm outlined, our underlying earnings are becoming more predictable, with a core recurring earnings profile now emerging in the region of $5 to $6 billion per quarter.

Speaker #1: There will always be volatility. Markets will move, and unexpected events will occur. But what investors should increasingly be able to see through that volatility is the underlying earnings power of the group.

Speaker #1: We are also making progress on efficiency. Our cost-to-income ratio continues to improve, although it remains above our target of approximately 60%.

Speaker #1: Return on equity has strengthened, although it remains below our 15 percent hurdle. So, while we recognize the progress, there is more work to do.

Speaker #1: It is also important to look at these metrics on a meaningful underlying basis. Excluding the prior year gain on disposal of the subsidiary, return on equity, return on assets, and cost to income ratio would have been 7.09%, 0.87%, and 72.84%, respectively, in the prior year.

Robert Almeida: It is also important to look at these metrics on a meaningful underlying basis. Excluding the prior year gain on disposal of a subsidiary, return on equity, return on assets, and cost-to-income ratio would have been 7.09%, 0.87%, and 72.84% respectively in the prior year. Against that base, our current year-to-date ratios are tracking ahead or favorably compared to the prior year. That context matters. It shows that the improvement is not simply a function of one-off items. We are replacing one-off items with a consistent recurring earning stream. It reflects a business that is becoming more disciplined, more efficient, and more capable of generating that sustainable performance. Efficiency, governance, and customer experience remain firmly at the center of our strategy, as does our focus on being brilliant at the basics. These are not initiatives for one quarter or for one year.

Speaker #1: Against that base, our current year-to-date ratios are tracking ahead, or favorably, compared to the prior year. That context matters, as it shows that the improvement is not simply a function of one-off items.

Speaker #1: We are replacing one-off items with a consistent, recurring earnings stream. It reflects a business that is becoming more disciplined, more efficient, and more capable of generating that sustainable performance.

Speaker #1: Efficiency, governance, and customer experience remain firmly at the center of our strategy, as does our focus on being brilliant at the basics. These are not initiatives for one quarter or for one year.

Speaker #1: They are disciplines and, when applied consistently, their impact compounds. Reasonable revenue growth, combined with greater operating efficiency, supports stronger, recurring earnings. Stronger, recurring earnings, better capital allocation, lower debt, and lower interest costs reinforce one another.

Robert Almeida: They are disciplines, and when applied consistently, their impact compounds. Reasonable revenue growth, combined with greater operating efficiency, supports stronger recurring earnings. Stronger recurring earnings, better capital allocation, lower debt, and lower interest costs reinforce one another. None of these things alone transform the institution, but together, over time, they can. We are also seeing encouraging signals from the market. Our bonds issued locally and internationally have strengthened, and our share price has appreciated. We believe these are indicators of increased investor confidence in NCB Financial Group locally, regionally, and globally. That confidence matters. It tells us that the market is beginning to see what we have been deliberately building: stronger balance sheet, clearer earnings visibility, better governance, more disciplined execution, and a group that is increasingly investable. Our brand is also benefiting from that clarity.

Speaker #1: None of these things alone transforms the institution, but together, over time, they can. We are also seeing encouraging signals from the market. Our bonds, issued locally and internationally, have strengthened.

Speaker #1: And our share price has appreciated. We believe these are indicators of increased investor confidence in NCB Financial Group—locally, regionally, and globally. That confidence matters.

Speaker #1: It tells us that the market is beginning to see what we have been deliberately building: a stronger balance sheet, clearer earnings visibility, better governance, more disciplined execution, and a group that is increasingly investable.

Speaker #1: Our brand is also benefiting from that clarity. A stronger institution, with a clearer strategy and more consistent execution, becomes easier for customers to trust, easier for partners to engage, and easier for investors to understand.

Robert Almeida: A stronger institution with a clearer strategy and more consistent execution becomes easier for customers to trust, easier for partners to engage, and easier for investors to understand. Confidence also creates access. Stronger access to capital markets gives us greater capacity to invest in our existing businesses and greater flexibility to respond when strategic opportunities arise. Combined with the capabilities we are building through our centers of excellence, it also allows us to think differently about growth. As we begin looking towards 2027, our expectations remain disciplined. We are not building plans around extraordinary assumptions. We are looking for reasonable top-line growth, continued improvement in operating efficiency, disciplined execution across the group, and stronger capital flexibility. As our operating companies generate stronger earnings and dividend flows while debt and interest costs at the holding company decline, NCB Financial Group should have increasing financial flexibility.

Speaker #1: Confidence also creates access. Stronger access to capital markets gives us greater capacity to invest in our existing businesses, and greater flexibility to respond when strategic opportunities arise.

Speaker #1: Combined with the capabilities we are building through our centers of excellence, this also allows us to think differently about growth. As we begin looking toward 2027, our expectations remain disciplined.

Speaker #1: We are not building plans around extraordinary assumptions. We are looking for reasonable top-line growth, continued improvement in operating efficiency, disciplined execution across the group, and stronger capital flexibility.

Speaker #1: As our operating companies generate stronger earnings and dividend flows, while debt and interest costs at the holding company decline, NCB Financial Group should have increasing financial flexibility.

Speaker #1: That creates greater capacity to reinvest where we see attractive returns, and over time, enhance the value we are able to return to our shareholders.

Robert Almeida: That creates greater capacity to reinvest where we see attractive returns and, over time, enhance the value we are able to return to our shareholders. Beyond organic growth, our centers of excellence create capabilities that can scale. If we build strong investment management capability in one market, we should ask where else can that capability create value? If we strengthen our international financial services platform, we should ask where else can that platform compete? When institutional capability is combined with financial capacity, regional expansion, strategic partnerships, and selective acquisitions become possibilities. Not growth for growth's sake, but opportunities where we have the capability to succeed and where we believe we can create sustainable long-term value. Perhaps that is one of the clearest signs of how far we have come. 3 years ago, the questions being asked of NCB Financial Group were fundamentally about resilience. Could we strengthen the balance sheet?

Speaker #1: Beyond organic growth, our centers of excellence create capabilities that can scale. If we build strong investment management capability in one market, we should ask: where else can that capability create value?

Speaker #1: If we strengthen our international financial services platform, we should ask where else that platform can compete. When institutional capability is combined with financial capacity, regional expansion, strategic partnerships, and selective acquisitions become possibilities.

Speaker #1: Not growth for growth's sake, but opportunities where we have the capability to succeed and where we believe we can create sustainable, long-term value. Perhaps that is one of the clearest signs of how far we have come.

Speaker #1: Three years ago, the questions being asked of NCB Financial Group were fundamentally about resilience. Could we strengthen the balance sheet? Could we improve efficiency?

Robert Almeida: Could we improve efficiency? Could we simplify the organization? Could we strengthen governance? Could we deliver more consistent performance? Those were fair questions, and quarter by quarter, we have been answering them through execution. Today, I welcome a different question: Where will the growth come from? That is the question people ask when they have confidence in the foundation. It is the question they ask when stability is becoming expected rather than exceptional. It is the question management should be challenged to answer in the next phase of NCB Financial Group's development. We do not have to chase every opportunity, but we should have the strength to recognize the right ones, the capability to execute them, and the financial flexibility to act when they appear. That is the institution we have been deliberately building. As we approach the final quarter of our financial year, our focus remains consistent.

Speaker #1: Could we simplify the organization? Could we strengthen governance? Could we deliver more consistent performance? Those were fair questions. And quarter by quarter, we have been answering them through execution.

Speaker #1: Today, I welcome a different question: Where will the growth come from? That's the question people ask when they have confidence in the foundation. It's the question they ask when stability is becoming expected rather than exceptional.

Speaker #1: And it is the question management should be challenged to answer in the next phase of NCB Financial Group's development. We do not have to chase every opportunity.

Speaker #1: But we should have the strength to recognize the right ones, the capability to execute them, and the financial flexibility to act when they appear.

Speaker #1: That is the institution we have been deliberately building. As we approach the final quarter of our financial year, our focus remains consistent: efficiency, governance, customer experience, disciplined capital allocation, and long-term value creation.

Robert Almeida: Efficiency, governance, and customer experience, disciplined capital allocation, and long-term value creation. The world will continue to change, markets will move, new risks will emerge, and so will new opportunities. Our responsibility is not to predict every one of them. It is to build an institution strong enough to navigate them and capable enough to take advantage of the opportunities they create. Three years ago, our priority was resilience. Today, our opportunity is disciplined growth. For the last three years, we have been building NCB Financial Group's strength. Strengthen the balance sheet, increase the equity, reducing debt, and accelerate that reduction. Improve governance, advance centers of excellence, strengthen leadership depth and continuity, remain focused on execution, and we are now seeing the signs of confidence, momentum, and greater investability. The next chapter is about what we do with that strength. To our shareholders, thank you for your continued confidence.

Speaker #1: The world will continue to change, markets will move, new risks will emerge, and so will new opportunities. Our responsibility is not to predict every one of them.

Speaker #1: It is to build an institution strong enough to navigate them, and capable enough to take advantage of the opportunities they create. Three years ago, our priority was resilience.

Speaker #1: Today, our opportunity is disciplined growth. For the last three years, we have been building NCB Financial Group's strength, strengthening the balance sheet, increasing the equity, reducing debt—intending to accelerate that reduction.

Speaker #1: Improved governance, advanced centers of excellence, strengthened leadership depth, and continuity. We remain focused on execution, and we are now seeing signs of confidence, momentum, and greater investability.

Speaker #1: The next chapter is about what we do with that strength. To our shareholders, thank you for your continued confidence. To our customers, thank you for trusting us every day.

Robert Almeida: To our customers, thank you for trusting us every day. To our team members across the group, thank you for the discipline, professionalism, and perseverance that have brought us to this point. The progress we are seeing is not accidental. It is deliberate, it is disciplined, and it is gaining momentum, and we intend to keep building on it. With that, I will turn it over to Dave Garcia.

Speaker #1: And to our team members across the Group, thank you for the discipline, professionalism, and perseverance that have brought us here. Seeing this is not accidental.

Speaker #1: It is deliberate. It is disciplined. And it is gaining momentum. We intend to keep building on it. And with that, I'll turn it over to Dave Garcia.

Speaker #2: Thank you, Rob. So, the first question that I have is, in fact, for you. You have spoken about the Centers of Excellence for Investment Management and Pension Administration.

Dave Garcia: Thank you, Rob. The first question that I have is, in fact, for you. You have spoken about the centers of excellence for Investment Management and Pension Fund Administration. How should we, as investors, see these types of moves? Are they primarily for client experience or cost efficiency or something else? Also, what is your assessment as to how well they are working and what other opportunities there may be to leverage that type of approach?

Speaker #2: How should we, as investors, see these types of moves? Are they primarily for client experience, cost efficiency, or something else? And also, what's your assessment as to how well they're working, and what other opportunities there may be to leverage that type of approach?

Speaker #3: So that's actually a great, great question—a great question—because it's a question I'm happy to get. So the centers of excellence achieve many different objectives.

Robert Almeida: That is actually a great question. It is a question I am happy to get. The centers of excellence achieve many different objectives. Just to give you a few different examples. First of all, if we just look at the Pension Fund Administration and the Investment Management Centers of Excellence, what they do is they combine our capital base and our talent pool so that we can provide a better customer experience, a better value proposition to the customer. More choices, better products, better execution of those respective business segments. Better advice. I would say it is primarily about customer experience. It is about collecting our resources, consolidating them, focusing them so that we can bring a better value proposition, a better customer experience to the customers in that space. There are other centers of excellence that we talk about that we do not specify as much, but we have been working on.

Speaker #3: So, just to give you a few different examples. First of all, if you just look at the pension fund administration and the investment management centers of excellence, what they do is they combine our capital base and our talent pool so that we can provide a better customer experience, a better value proposition to the customer, more choices, better products, and better execution of those respective business segments.

Speaker #3: So, better advice—so it's all about, I would say, it's primarily about customer experience. It's about collecting our resources, consolidating them, focusing them so that we can bring a better value proposition, a better customer experience to the customers in that space.

Speaker #3: There are other centers of excellence that we talk about, that we don't specify as much, but we have been working on. We effectively have a legal center of excellence across the entire group today.

Robert Almeida: We effectively have a legal center of excellence across the entire group today. We have a risk management center of excellence across the entire group. We've been focusing on integrating more while maintaining the independence of each of our respective entities, but bringing them more together, the family, to share best practices, to be more coordinated, to learn from each other, so that we do have legal, finance and accounting, auditing, risk management in centers of excellence. Those would be not so much about customer experience, but those would be more about making sure that we have better governance, better risk management, better control, and better quality execution. The combination of those two things, if you bring efficiency and customer experience and you get them better, the third part it enables is it enables actually growth.

Speaker #3: We have a risk management center of excellence across the entire group. So we've been focusing on integrating more, while maintaining the independence of each of our respective entities.

Speaker #3: But bringing them more together—the family—to share best practices, to be more coordinated, to learn from each other. And so that we do have legal, financial, finance and accounting, auditing, risk management in centers of excellence.

Speaker #3: And those would be not so much about customer experience, but more about making sure that we have better governance, better risk management, better control, and better quality execution.

Speaker #3: And so, the combination of those two things—if you bring efficiency and customer experience and you get them better—the third part it enables is, it enables actually growth.

Speaker #3: Because otherwise, growth is to scale inefficiency. And scaling without control is risky. But when you want to pursue accelerated growth, you actually want to do it from a position where you have greater control of the business, and you're able to scale on capabilities that are already efficient.

Robert Almeida: Otherwise growth is to scale inefficiency, and scaling without control is risky. But when you want to pursue and accelerate growth, you actually want to do it when the position where you have greater control of the business, and you are able to scale capabilities that are already efficient. Therefore, you execute a virtuous cycle of being able to grow, increase your margins at the same time, and reduce risk all at the same time. That is what the centers of excellence have been about. In the process, they also allow us to be more capital efficient. They have enabled that. It achieves a number of objectives that all come together.

Speaker #3: And therefore, you actually create a virtuous cycle of being able to grow, increase your margins at the same time, and reduce risk all at the same time.

Speaker #3: And so that's what the centers of excellence have been about. In the process, they also allow us to be more capital efficient, so they've enabled that.

Speaker #3: So, it achieves a number of objectives that all come together.

Speaker #2: All right, thanks, Rob. Another question for you, relating to the cost-to-income ratio, which I think, as outlined in both your and Malcolm's presentations, has risen.

Dave Garcia: All right. Thanks, Rob. Another question for you relating to the cost to income ratio, which I think as outlined in both your and Malcolm's presentations has risen, although it is appreciated that this would have been heavily impacted by the fact that last year there was that extraordinary gain. How are you seeing where NCB as a group is now in the drive to improve its efficiency ratio?

Speaker #2: Although it's appreciated that this would have been heavily impacted by the fact that, last year, there was that extraordinary gain, how are you seeing where NCB as a group is now in the drive to improve its efficiency ratio?

Speaker #3: Yeah, so we're currently probably in the mid-60s at the quarter. Malcolm was talking about the nine-month, or kind of look-back 12-month type numbers.

Robert Almeida: Well, we are currently probably in the mid-60s, currently at the quarter. Malcolm was talking about the nine-month or kind of look back 12-month type numbers. You look specifically at where we are in the quarter right now, and we are in the mid-60s, thereabout. The goal is to get below 60% and then move towards 50%. That is our objective is to get it down below 60. We are on a good trajectory to get there right now. Like I said, currently run rate Q3 in around the mid-60s and look for that to continue to move down. One of the things to keep focusing on is the absolute amount of operating expense in our business, which continues to decline, whilst at the same time our income is growing. Remember, the income that we are reporting now is pretty well recurring earnings.

Speaker #3: If you look specifically at where we are in the quarter right now, we're in the mid-60s, thereabouts. The goal is to get below 60%, and then move towards 50%.

Speaker #3: But, and so, that was—that's our objective: to get it down below 60. We're on a good trajectory to get there right now.

Speaker #3: And like I said, the current run rate for Q3 is in around the mid-60s, and look for that to continue to move down. One of the things to keep focusing on is the absolute amount of operating expense in our business, which continues to decline, while at the same time our income is growing.

Speaker #3: And remember, the income that we're reporting now is pretty well recurring earnings. If anything, in the quarter, we had a little bit more—not much—in the way of market volatility.

Robert Almeida: If anything, in the quarter, we had a little bit more, not much in the way of market volatility, so it was pretty well a standard quarter. That is recurring earnings and costs being maintained, and if we can continue to maintain that small growth and reasonable degree of growth in operating income while the costs are held, that in itself will continue to bring the cost income ratio down closer to 60% and then below that.

Speaker #3: So it was pretty well a standard quarter. And so that's recurring earnings. And costs being maintained. And if we can continue to maintain that small growth in reasonable degree of growth in operating income while the costs are held, that in and itself will bring the cost continue to bring the cost income ratio down closer to 60% and then below that.

Speaker #2: All right, thanks, Rob. I have another question here about cost—about the efficiency ratio, but specifically in relation to the bank. So I'm going to direct this one to Sherry, Martin.

Dave Garcia: All right. Thanks, Rob. I have another question here about the efficiency ratio, but specifically in relation to the bank. So I am going to direct this one to Sheree Martin. Sheree?

Speaker #2: Sherry?

Speaker #4: Good morning. Hi, Dave. I’m hearing you.

Sheree Martin: Morning. Hi, Dave. I am hearing you.

Speaker #2: Morning, morning. Okay, so here's the question: Do you think there are significant short-term opportunities for NCBJ to improve its efficiency ratio, or should we be expecting the ratio to improve only incrementally in the next several months?

Dave Garcia: Morning. Morning. Okay. So here is the question. Do you think there is significant short-term opportunity for National Commercial Bank Jamaica Limited to improve its efficiency ratio, or should we be expecting the ratio to more improve only incrementally in the next several months?

Speaker #4: Thanks for the question. So, I think it's a combination of both. We are seeing incremental improvements that sustain over time, in terms of resetting our cost structure.

Sheree Martin: Thanks for the question. I think it is a combination of both. We are seeing incremental improvements that sustain over time in terms of resetting our cost structure, and I am speaking about cost as one driver for that cost-to-income ratio. That is a sustained effort over time to continue to reorganize how we do things. We have exploited technology to an extent, but a lot of our processes are still manual in nature, which require a certain type of cost structure. To the extent that we can improve those processes to make them faster, simpler, more, I would say, customer-centric in every respect, meaning the experience for the customer, the safety and the security, the access, the reliability, and the convenience that they would demand from how we do business. Once those are also being optimized, then we are going after those opportunities.

Speaker #4: And I'm speaking about cost as one driver for that cost-to-income ratio. That is a sustained effort over time to continue to reorganize how we do things.

Speaker #4: We have exploited technology to a certain extent, but a lot of our processes are still manual in nature, which require a certain type of cost structure.

Speaker #4: And to the extent that we can improve those processes to make them faster, simpler, and more, I would say, customer-centric in every respect—meaning the experience for the customer, the safety and the security, the access, the reliability, and the convenience that they would demand from how we do business—once those are also being optimized, then we are going after those opportunities.

Speaker #4: In a lot of instances, however, some of those changes have to take place over a longer period of time. So we're advancing on cost restructuring, such that there is a more sustainable reset of how we do business.

Sheree Martin: In a lot of instances, however, some of those changes have to take place over a longer period of time. We are advancing on cost restructuring such that there is more sustainable reset of how we do business, and that will be incremental, and that will influence the ratio as we have seen in the last year and a half thereabouts. The other element for improving our cost-to-income ratio would be on the growth side, on the revenue side. To the extent that, as Rob mentioned, we can advance in areas of growth, then those revenues will support a cost infrastructure that we have, even while we continue to improve that cost infrastructure. So I would say it is a combination.

Speaker #4: And that will be incremental, and that will influence the ratio, as we've seen in the last year and a half, thereabouts. But the other element for improving our cost-to-income ratio would be on the growth side, on the revenue side.

Speaker #4: And so, to the extent that, as Rob mentioned, we can advance in areas of growth, then those revenues will support our cost infrastructure that we have, even while we continue to improve that cost infrastructure.

Speaker #4: So, I would say it's a combination.

Speaker #2: All right. Thanks, Sherry. Next questions are for Ian Chinapu. Ready for you.

Dave Garcia: All right. Thanks, Sheree. Next questions are for Ian Chinapoo. You ready for-

Speaker #5: Good morning, everyone. Good morning, investors. Good morning, colleagues.

Ian Chinapoo: Good morning, everyone. Good morning, investors. Good morning, colleagues.

Speaker #2: Morning, morning. So, there has been some publicity about the rate of processing of claims by insurers in the wake of Hurricane Melissa. Could you comment on how Guardian has been doing in that regard?

Dave Garcia: Morning. There has been some publicity about the rate of processing of claims by insurers in the wake of Hurricane Melissa. Could you comment on how Guardian has been doing in that regard? Specifically, if you have the information handy, what percentage of the claims have been settled?

Speaker #2: And specifically, if you have the information handy, what percentage of the claims have been settled?

Speaker #5: Oh, good question. And I'll give an update. So, as of June, we were in the region of 70%. I think we're approaching 75% to 80% now.

Ian Chinapoo: Oh, good question, and I will give an update. As of June, we were in the region of 70%. I think we are approaching 75% to 80% now, but of course, we will update more exactly at the next briefing. The biggest challenge has been, of course, with a major event like this, the dependence on the entire industry on our loss adjusters. We have learned a lot of lessons from that because, of course, we need to get the loss adjustment in order to process the claims, in order to present our insurers, et cetera. We are making significant progress there. There was a slow start, and then we were able to pick up.

Speaker #5: But of course, we'll update more exactly at the next briefing. The biggest challenge has been, of course, for a major event like this, the dependence of the entire industry on our loss adjusters.

Speaker #5: And we have learned a lot of lessons from that, because, of course, we need to get the loss adjustment in order to process the claims, in order to present to our reinsurers, etc.

Speaker #5: So, we are making significant progress there. There was a slow start, and then we were able to pick up. But as a result of that, in our northern territories—not just Jamaica—we have introduced our No Average product, which is a faster way for us to actually work with our policyholders to get those claims settled, where we will now be providing a range of estimates in terms of the properties preemptively.

Ian Chinapoo: But as a result of that, in our northern territories, not just Jamaica, we have introduced our new AVR product, which is a faster way for us to actually work with our policyholders to get those claims settled, where we will now be providing a range of estimates in terms of the properties preemptively so that we will be able to process claims faster with less input from the loss adjusters. We have taken those learnings, we have launched that service, and I think we are in the process of expanding it into the Southern Caribbean. I believe even personally, my properties are now in the beta test for Trinidad. We want to do this everywhere, and that will improve our claims settlement time frames. But in terms of Hurricane Melissa, we are over 70% now.

Speaker #5: So that we'll be able to process claims faster, with less input from the loss adjusters. So we have taken those learnings, and we've launched that service.

Speaker #5: And I think we're in the process of expanding it into the Southern Caribbean. I believe even personally, my properties are now in the beta test for Trinidad.

Speaker #5: So, we want to do this everywhere, and that will improve our claims settlement time frames. But in terms of Hurricane Melissa, we're over 70% now.

Speaker #5: We really want to get this done because we understand this is why we're needed. I think the entire industry has faced that. In Guardian, with our claims processing, we've included our entire team from across the region to support our Jamaican team, which is how we've been able to get some traction there going.

Ian Chinapoo: We really want to get this done because we understand this is why we are needed. I think the entire industry has faced that. We in Guardian, in our claims processing, we have included our entire team from across the region to support our Jamaican team, which is how we have been able to get some traction there going. But the main challenge has been on the combined industry use of the external resources, because we do need, in the current situation, independent loss adjusters. But as we go forward, our new AVR system will help for many of our policyholders in the event of anything in the future.

Speaker #5: But the main challenge has been the combined industry use of external resources, because we do need, in the current situation, independent loss adjusters.

Speaker #5: But as we go forward, our no average system will help many, many of our policyholders in the event of anything in the future.

Speaker #2: All right, thank you, Ian. And a second question for you: this now is in relation to the sale of NCB Merchant Bank (Finland and Tobago) to Guardian.

Dave Garcia: All right. Thank you, Ian. A second question for you. This now is in relation to the sale of NCB Merchant Bank (Trinidad and Tobago) to Guardian. Can you give any sort of update on what the status of that transaction is? In what way is Guardian seeing that transaction as beneficial to Guardian and to the group as a whole?

Speaker #2: Now, can you give any sort of update on what the status of that transaction is? And in what way is Guardian seeing that transaction as beneficial to Guardian and to the group as a whole?

Speaker #5: OK. Well, it's a very live process. And my colleague Anders Young is here as well. He's a seller with a buyer, but we are in the process.

Ian Chinapoo: Well, very live process, and my colleague, Angus Young, is here as well. He is the seller, we are the buyer. We are in the process. We have announced the intent to do so, and we have announced that in April. We are in the process of obtaining our no objection from our regulators, and we are very live. We even had calls up to yesterday. So we believe that we are making progress. We really hope that come our new fiscal financial year, 1 October, that the NCB Merchant Bank (Trinidad and Tobago) will be acquired by the Guardian Group. So that is our goal and subject to all regulatory approvals. Of course, it is a team we know very well. It is an exceptional team, exceptional business. It will actually create, as our Group Chief Executive Officer would have shared, an Investment Management Center of Excellence in the Southern Caribbean.

Speaker #5: So, we've announced the intent to do so, and we've announced that in April. We're in the process of obtaining our no objection from our regulators.

Speaker #5: And we're very live. We even had calls up to yesterday. So we believe that we're making progress. We really hope that come our new fiscal financial year, October 1, that the NCB Merchant Bank Trinidad and Tobago will be acquired by the Guardian Group.

Speaker #5: So that's our goal, and subject to all regulatory approvals. And of course, it's a team we know very well. It's an exceptional team, exceptional business.

Speaker #5: And it will actually create, as our Group CEO would have shared, an investment and asset management center of excellence in the Southern Caribbean, which will support Trinidad and Tobago, the Dutch Caribbean, Barbados, and the Eastern Caribbean.

Ian Chinapoo: Which will support Trinidad and Tobago, the Dutch Caribbean, Barbados, the Eastern Caribbean. That business has been doing very well independently, but together, we expect to be able to achieve all of those benefits that Group Chief Executive Officer just mentioned in terms of operational efficiency, leveraging talent, accessing a larger capital base. Because in that business, the larger the capital base, the bigger the deals you can underwrite, the bigger the deals that you can do, you are at the table. We have already been very active there. We have done over USD 5 billion in underwritings and placements in the last 2 years in that space. I probably even understated that. Ultimately, when I add the NCB Merchant Bank team's numbers as well.

Speaker #5: And that business has been doing very well independently, but together, we expect we'll be able to achieve all of those benefits that the Group CEO just mentioned in terms of operational efficiency, leveraging talent, and accessing a larger capital base.

Speaker #5: Because in that business, the larger the capital base, the bigger the deals you can underwrite, the bigger the deals that you can do; you're at the table.

Speaker #5: And we've already been very active there. We've done over $5 billion in underwritings and placements in the last two years in that space. And I probably even understated that.

Speaker #5: But ultimately, when I add the NCB Merchant Bank team's numbers as well—so ultimately, what we have is going to be something that, and I hope I'm saying this publicly.

Ian Chinapoo: Ultimately, what we have is going to be something that, and I hope I am saying this publicly, and I hope I do not attract some of the other players in the market, but we are coming for that.

Speaker #5: And I hope I don't attract some of the other players in the market, but we're coming for that. So, we're coming into the market.

Dave Garcia: Yeah

Ian Chinapoo: we are coming into the market and we are there, and we have built the expertise. So this center of excellence will also be able to support the regional sovereigns, to support the Southern Caribbean regional sovereigns, support the large corporates to offer a more We will now have a full suite of our licenses, probably exception of retail banking, but with all the other, there will be a foreign exchange license, there will be deposit taking, we will be able to do more repos, et cetera. So and of course, we have our existing mutual fund business, we have our existing asset management and private wealth business. It is a match made in heaven. So that work is ongoing. We are very live, and we are working and we are hoping to meet all of the requirements of our regulators in order to progress that transaction and get final board approval to do this.

Speaker #5: And we're there, and we've built the expertise. So this center of excellence will also be able to support the regional sovereigns, support the Southern Caribbean regional sovereigns, support the large corporates, to offer a more—we'll now have a full suite of our licenses, probably with the exception of retail banking.

Speaker #5: But with all the others, there'll be a foreign exchange license. There'll be deposit taking. We'll be able to do more repos, et cetera.

Speaker #5: And of course, we have our existing mutual fund business. We have our existing asset management and private wealth business. It's a match made in heaven.

Speaker #5: So that work is ongoing. We're very live, and we're working and meeting. We're hoping to meet all of the requirements of our regulators in order to progress that transaction.

Speaker #5: And get final board approval to do this.

Speaker #2: All right. Thank you, Ian. And we're going to move along to another Ian now, Ian Trueron, with a somewhat similar type of question to that last one that was asked of Ian Chinapu.

Dave Garcia: All right. Thank you, Ian. We are going to move along to another Ian now, Ian Truran with a somewhat similar type of question to that last one that was asked of Ian Chinapoo. It says, several months ago, Ian Truran we can bring up. Several months ago, NCB announced the sale of NCB Cayman to Clarien. Also looking here to get some sort of update, if you can, on the status of that transaction, and also to help us to understand in what way is Clarien seeing that transaction as beneficial to Clarien and of course to the group as a whole.

Speaker #2: Several months ago, Ian Trueron—we can bring up. Several months ago, NCB announced the sale of NCB Cayman to Carrier. I'm also looking here to get some sort of update, if you can, on the status of that transaction.

Speaker #2: And also, to help us to understand, in what way is Clarion seeing that transaction as beneficial to Clarion, and of course, to the group as a whole?

Speaker #4: Thank you very much, Dave, for the question. And let me just say from the outset that I share the exuberance and excitement that my namesake, Ian Chinapu, just shared as well.

Ian Truran: Thank you very much, Dave, for the question. Let me just say from the outset is I share the exuberance and the excitement that my namesake, Ian Chinapoo, just shared as well. The transaction is progressing well. Regulatory approvals have been achieved and obtained. They are conditional in nature, and we are working through those conditions as we speak. As Ian indicated yesterday, he is working through certain regulatory matters. We are doing the same. Our expectation is both on the acquisition of the bank, the registered bank, Class A. We will conclude that transaction shortly, imminently. We are also working through what is the secondary part of the transaction, which is an acquisition of a portfolio of clients that will come from NCB Capital Markets into then NCB Cayman to be branded Clarien Bank and Investments Limited. Lots of activity, a tremendous amount of excitement.

Speaker #4: So, the transaction is progressing well. Regulatory approvals have been achieved and obtained. They are conditional in nature, and we're working through those conditions as we speak.

Speaker #4: As Ian indicated yesterday, he's working through certain regulatory matters. We are doing the same. Our expectation is that both on the acquisition of the bank—the registered bank, Class A—we will conclude that transaction shortly, imminently.

Speaker #4: And we are also working through what is the secondary part of the transaction, which is an acquisition of a portfolio of clients that will come from NCB Capital Markets into then NCB Cayman, to be branded Clarion Bank and Investments Limited.

Speaker #4: So, lots of activity, a tremendous amount of excitement. Insofar as the benefit to Clarion, the benefit to the group, and actually, even more importantly, the benefit to our clients—existing and both prospective in nature—is one of scale.

Ian Truran: Insofar as the benefit to Clarien, the benefit to the group, and actually even more importantly, the benefit to our clients existing and both prospective in nature is one of scale. Clarien, as the chairman reminded me yesterday, NCBFG acquired an interest in Clarien, a preeminent jurisdiction and a preeminent wealth management brand. What we have now is the opportunity to take that preeminent wealth management brand and expand it into Cayman. We are excited by that. We have the tools. I often say when we talk about the value proposition that we bring to the table, it is a combination of excellent people, excellent platforms, and excellent products. If you can bring that and bring that well and deliver it with a degree of client centricity that our group chairman has referenced as well, as well as our group CEO, I believe that is a winning proposition.

Speaker #4: So, Clarion, as the Chairman reminded me yesterday, NCBFG acquired an interest in Clarion, a preeminent jurisdiction and a preeminent wealth management brand. And what we have now is the opportunity to take that preeminent wealth management brand and expand it into Cayman.

Speaker #4: We are excited by that. We have the tools. I often say, when we talk about the value proposition that we bring to the table, it's a combination of excellent people, excellent platforms, and excellent products.

Speaker #4: And if you can bring that, and bring that well, and deliver it with a degree of client centricity that our Group Chairman has referenced as well, as well as our Group CEO, I believe that's a winning proposition.

Speaker #4: So, I will be very proud, very pleased at the next quarterly investment briefing to hopefully declare the transaction to have been completed, and that we are in the growth vector phase that we certainly are all looking forward to.

Ian Truran: I will be very proud, very pleased at the next quarterly investment briefing to hopefully declare the transaction to have been completed, and that we are in the growth vector phase that we certainly are all looking forward to.

Speaker #2: All right. Thank you, Ian. Those are the questions that we have for this morning. So, I'm now going to hand back over to our Chairman, the Honorable Michael Lee Chin.

Dave Garcia: All right. Thank you, Ian. Those are the questions that we have for this morning. I am going to now hand back over to our Chairman, the Honorable Michael Lee-Chin, to close out our briefing.

Speaker #2: To close out our briefing.

Speaker #5: So thank you very much again, ladies and gentlemen. As you can see, over the last three years, the bank really has—the institution has—done a wonderful job at turning the operations around, laying the foundation for growth, reducing debt, rebuilding confidence, and most importantly, working on the culture to make sure that we have consistent, sustainable, growing profits, balance sheet strength, dividends, and confidence in the marketplace.

Michael Lee-Chin: Thank you very much again, ladies and gentlemen. As you can see, over the last 3 years, the bank really has done, the institution has done a wonderful job at turning the operations around, laying the foundation for growth, reducing debt, rebuilding confidence, and most importantly, working on the culture to make sure that we have consistent, sustainable, growing profits, balance sheet strength, dividends, and confidence in the marketplace.

Speaker #5: So I thank you very much for being here, and I thank the staff, management, and shareholders of the enterprise for a job well done. And the work continues—lots of work ahead.

Michael Lee-Chin: I thank you very much for being here, and I thank the staff, management, shareholders of the enterprise for a job well done. The work continues. Lots of work ahead, but we are up for it. Thank you.

Speaker #5: But we are up for it. Thank you.

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[Video Narrator]: Make secure and faster payments with NCB Pay. NCB Pay stores all your NCB credit and prepaid cards and reduces fraud by hiding your card information when you pay. You can just tap and go with your Android phone. Don't just pay, NCB Pay. Download today. Today's woman is not just an entrepreneur, a mother, or the girlfriend that gets all the girls together. She's all that and much more. We call her a queen. She's driven to live life to the max, and nothing should slow her drive down. That's why Guardian General's QueenGuard Motor Insurance was created with this woman in mind. Delivering benefits like 24-hour roadside assistance, uninsured motorist protection, windscreen coverage, replacement of personal belongings, speedy claims settlement, and so much more at affordable premiums that won't break your pocket. For more information, contact your broker or call us at 876-935-6681 or toll-free 888-468-3474.

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Speaker #9: Life moves fast. First step, first decision. Then it grows, balancing today while building what's next. Opportunities open, and you move with them. Because what you build should carry forward.

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Speaker #9: With a partner that moves with you, for life.

Ian Chinapoo: One already. One already.

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Speaker #1: 100, 100.

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Sheree Martin: Driver, me go want a stop up the road, you hear? Small up. Small up.

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Q3 2026 NCB Financial Group Ltd Earnings Call

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