Jamaica’s largest financial conglomerate, NCB Financial Group, reported profits for the fiscal year to September of $23 billion, attributable to shareholders of the Group or $9.59 per share, with profit of $4.2 billion or $1.73 per share for the September quarter compared with a loss of $330 million in 2024.
The group benefited from a $15 billion one-time gain on the sale of a subsidiary; excluding this, earnings would have been just $13 billion for the year, compared to $13.3 billion generated in 2024 and earnings per share from continuing operations would be $7.60, up from $5.62 in 2024.
The group declared a dividend of 50 cents per share, which will be paid in December and will bring the full year to $2.per share.
The stock is severely undervalued, with a PE ratio of only 5.2 times 2025 earnings and even less based on 2026 earnings, which ICInsider.com projects to rise. The stock, which now trades around $40 each, trades well below the net asset value of $77. Holding back the group is the stagnation in lending, with loans falling to $618 billion from $626 billion in 2024.
NCB is accorded the ICInsider.com BUY RATED award.