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NCB Financial Group's headquarters on Trafalgar Road in New Kingston, Jamaica (File photo)

NCB is Jamaica’s Bank of the Year; Scotiabank tops The Bahamas, Trinidad and Tobago

NCB Financial Group's headquarters on Trafalgar Road in New Kingston, Jamaica (File photo)

The National Commercial Bank Financial Group (NCBFG) was named Jamaica’s Bank of the Year by renowned The Banker Magazine, following its remarkable performance over the past twelve months.

NCB Financial Group was named Jamaica’s Bank of the Year

Its competitor, Scotiabank, copped the topped prize in The Bahamas and Trinidad and Tobago while 1st National Bank came out on top in St Lucia.

According to The Banker, NCB’s newly-introduced digital, automated initial public offering subscription service was noteworthy, helping the company avoid the traditional manual application process in favour of a simpler online transaction. The system was necessitated after NCB was flooded by more than 8,000 applications for the listing of Wisynco in late 2017, the magazine said.

NCB Financial Group chief executive Septimus ‘Bob’ Blake (Photo: JNCB)

NCB Financial Group chief executive Septimus ‘Bob’ Blake said “The key ingredients of our success continue to be innovation, expertise and strength,” adding that “We listen to our customers, and innovate to meet their needs. We invest aggressively in technology and equip our team to deliver expert service. And we forge strategic alliances that strengthen our ability to help our customers to [live] their best lives.” 

NCB reported profits of J$30.7 billion over the past financial year and J$1.7 trillion in total assets.

Canadian-based Scotiabank came out on top in Trinidad and Tobago and The Bahamas

In the Bahamas, Scotiabank showed improved financial results over the review period in tandem with expanded product offerings. The Banker said the company’s introduction of free Wi-Fi in its branches “made it easier for branch staff to explain the benefits of online and mobile banking to customers accustomed to more traditional forms of transactions.”

Meanwhile, the company’s Trinidad and Tobago operations rebounded from a recession in that nation which saw banks experience four years of negative growth, The Banker said. Scotiabank Trinidad and Tobago retained its high level of profitability and marginally higher net profits, The Banker said, while seeing boosted profitability and efficiency from its technology emphasis.

The Bank of NT Butterfield & Son in Bermuda. (Photo: wikicommons.org)

Elsewhere in the region, The Bank of NT Butterfield & Son took top honour in Bermuda; Banco Popular prevailed in Dominican Republic and Banco Popular de Puerto Rico was rated industry best in Puerto Rico.

The Industrial and Commercial Bank of China was ranked number one in the world.

The Banker was established in 1926 and provides economic and financial information to institutions across the globe.