KINGSTON, Jamaica – NCB Financial Group Limited, Jamaica’s largest financial conglomerate by assets, reported a 71 per cent surge in full-year net profit, a result buoyed by a one-off gain from the sale of a European subsidiary that has accelerated its strategic turnaround.

For the year ended September 30, 2025, the group recorded consolidated net profit of $36.9 billion, up from $21.6 billion a year earlier. Profit attributable to the company’s stockholders, a key metric for investors, jumped 73 per cent to $23.1 billion.

The performance signals a robust recovery for the Kingston-based holding company, which owns National Commercial Bank Jamaica Ltd. (NCBJ), Guardian Holdings Limited, and Clarien Group Ltd. The results were “favourably impacted by the gain from sale of a subsidiary, together with improved banking and investment activities,” the group said in a statement on Thursday.

“This year’s results signify a successful milestone within our turnaround strategy,” Group chief executive officer Robert Almeida said. “Our performance, driven by the strength of our core banking and insurance businesses, solidifies NCBFG’s position as a consistent industry leader.”

A significant driver was the $15.1 billion gain from the January 2025 disposal of the Thoma Group, a Netherlands-based insurance brokerage, to UK’s PIB Group.

This non-recurring item helped propel operating income 20 per cent higher to $144.3 billion.

Beyond the divestment, the group’s core operations showed strength. Net interest income, a pillar of its banking operations, rose 7 per cent, aided by improved yields. Meanwhile, the insurance service result surged 33 per cent, with its property and casualty segment growing 56 per cent.

The group also demonstrated disciplined cost management. Operating expenses grew just 5 per cent, a notably slower pace than revenue, leading to a near ten-percentage-point improvement in the cost-to-income ratio.

NCBFG fortified its balance sheet, with equity attributable to stockholders rising 16 per cent to $199.1 billion. Customer deposits, a core source of funding, reached a record high of $809.4 billion, underscoring market confidence.

However, the results were not without cautionary signals. The group’s non-performing loan ratio edged up to 4.54 per cent from 4.26 per cent a year earlier, reflecting what the company termed “portfolio optimisation and asset quality” efforts. Credit impairment losses also rose by 18 per cent, partly linked to growth in the unsecured consumer portfolio.

Looking forward, the group faces headwinds from Hurricane Melissa, the Category 5 storm that struck Jamaica after the financial year-end. NCB said its branches and digital channels are fully operational, but it is still assessing the potential financial impact, including increased credit losses and insurance claims.

Strategically, the group highlighted key developments, including a US$225 million senior secured note issuance in July to diversify funding and the internal reorganisation of its pension and investment management units into “Centres of Excellence” to drive efficiency.

The board declared an interim dividend of $0.50 per ordinary stock unit, payable in December. The company’s stock, a heavyweight on the Jamaica Stock Exchange, will be closely watched as investors weigh the strong headline profit against the underlying credit quality and storm-related uncertainties. At the close of business Thursday, NCBFG was $39.47. The stock is down 22.34 per cent since the start of the year.