Table of Contents
Key Points
- NCBFG reports a 179 percent rise in profit to $139 million (J$21.56 billion) for FY 2024.
- Chairman Michael Lee-Chin holds a majority stake in the group.
- IFRS 17 adoption drove updates in insurance reporting and financial adjustments.
NCB Financial Group (NCBFG), chaired by Jamaican-Canadian billionaire Michael Lee-Chin, has reported an extraordinary profit after tax of $139 million (J$21.56 billion) for the financial year ending Sept. 30, 2024. This marks an impressive growth of 179 percent over the $49.7 million (J$7.71 billion) recorded in 2023. Lee-Chin, known for his investment ventures in both the Caribbean and North America, holds a majority stake in NCBFG, solidifying his influential role within the company.
Founded in 1977, NCBFG has grown to become one of the Caribbean's leading financial services companies. It is a proud member of the stock markets in both Jamaica and Trinidad & Tobago. Michael Lee-Chin gained majority control of the company through AIC Limited in 2002, marking the beginning of the group's enhanced standing in the regional banking sector.
The company’s large profit growth reflects its continued expansion and its implementation of international accounting standards, as NCBFG adopted IFRS 17 ‘Insurance Contracts’ starting Oct. 1, 2023. This complex new standard affected financial statements for the years 2022, 2023, and 2024, impacting the consolidated income statement and statement of financial position, with effects beyond credit provisions.
Adoption of IFRS 17 drives transformative growth for NCBFG
The adoption of IFRS 17 required significant adjustments in the company’s insurance preparation, many of which revealed a stronger and more solid financial position. These changes were incorporated after a delay in the audit schedule, as stated in a November 29 announcement.
Additionally, NCBFG is a major shareholder in Guardian Holdings Limited, an insurance company listed on both the Jamaican and Trinidad & Tobago stock exchanges. This strategic investment further reinforces NCBFG’s status as a key financial player in the Caribbean.
Michael Lee-Chin, with a net worth exceeding $1.2 billion, continues to steer NCBFG’s expansion across the region. His investment management style and visionary leadership have positioned the group for long-term sustainable value creation.
