NATIONAL Commercial Bank Jamaica (NCBJ) appointed Chief Operating Officer Sheree Martin as its interim chief executive on Monday, tasking her with improving the bank’s operational efficiency after a turnaround phase that more than doubled its annual net profit. Martin becomes the first woman to lead the country’s largest bank.

The bank, which is Jamaica’s largest financial institution, reported a net profit of $13.2 billion for the year ended 30 September 2025, up from $6.1 billion a year earlier. However, its cost-to-income ratio remains high at approximately 81 per cent, a key challenge Martin will be expected to address as the bank shifts focus from restructuring to sustainable growth.

The elevation of Sheree Martin to interim chief executive of National Commercial Bank Jamaica marks a deliberate pivot, signalling that the institution’s next chapter will be defined not by grand strategy but by operational discipline, chairman of NCB Jamaica, Robert Almeida told Jamaica Observer in an interview Tuesday.

Her appointment follows the departure of Bruce Bowen, who replaced Septimus Blake as CEO in October 2023 and was brought in during what Almeida termed a period of “secular decline”. Bowen’s contract concludes in August, marking the latest in a series of executive shifts within the wider NCB Financial Group (NCBFG) structure.

“What we did two and a half years ago I’d classify as disruptive change . . . a 180-degree turn,” Almeida told Business Observer. “What we’re doing now I would call evolutionary change, necessary to evolve from one cycle to the next.”

The financial justification for declaring the “turnaround” phase complete is stark. NCBJ’s consolidated income statement shows net profit surged 116 per cent to $13.2 billion in the 2025 financial year. Operating profit saw an even more dramatic rise, climbing to $16.7 billion from $5.6 billion in 2024.

Yet, the statement also reveals the core impediment to the bank’s next goal of “sustainable growth”. Despite higher revenue, operating expenses rose to $72.6 billion, with staff costs increasing 14 per cent to $30 billion. This resulted in a cost-to-income ratio of approximately 81 per cent — a figure far from the board’s public target of driving it “down into the 60s”.

Internally, the drive for cost containment has been framed in starkly shareholder-focused terms. At a recent staff engagement it was suggested that a 10 per cent reduction in group operating expenses could translate into an additional $0.75 per share in quarterly dividends from NCBFG. This provides a concrete financial imperative behind Martin’s mandate.

Almeida directly linked this efficiency gap to Martin’s mandate. “Our focus is on efficiency and customer experience. The approach is, in Sheree’s words, is to be ‘brilliant at the basics’,” he said, framing her role as executing the existing plan flawlessly to reduce costly errors and rework.

Almeida illustrated the financial and customer service impact of these inefficiencies with tangible examples. He highlighted the high cost and client frustration of replacing debit cards — a frequent occurrence due to damage or fraud — which consumes both materials and labour. Furthermore, he pointed to “duplicate payment(s) on a customer’s bank account”, explaining that while the initial transaction is automated, rectifying such errors requires costly manual investigation and rework. “Every time we make mistakes, it inconveniences the customer and it costs us money,” he said, arguing that eliminating these routine failures is central to improving margins and service.

Almeida further emphasised that the focus on these financial metrics was a group-wide imperative. Speaking in his capacity as group chief executive of parent company NCBFG, he noted that key performance indicators for return on equity, cost containment, and dividend payout were “pretty well the same for each and every subsidiary,” from Jamaica to Trinidad and Bermuda. “Whether it be at an operating entity level or at the group level, the target is to get the ROE into the 15 to 20 per cent range and get the cost-income ratio down,” he stated. This uniform benchmark underscores the pressure on NCBJ, as the largest subsidiary, to lead by example in the efficiency drive Almeida is overseeing.

The leadership transition and its focus on cost-cutting occur against a pressing backdrop of unresolved financial obligations linked to companies associated with NCBFG’s ultimate chairman, Michael Lee-Chin. Noteholders are awaiting payment of US$94 million due 31 December 2025, under a restructured debt arrangement exceeding US$297 million. Lee-Chin recently told employees that repayment options included full settlement, payment of the immediate sum during a 45-day cure period, or divestment of his shareholding in NCBFG.

“Guys, we’re all in this together… I have some options; one includes selling the bank. But I guarantee you this, if I sell the bank, the next person who buys it is going to make sure they get the $7.2 billion or $15 billion in expense reduction. I guarantee you that,” reports the Trinidad Guardian, quoting Lee-Chin at a staff meeting Friday. Lee-Chin is expected to make that payment on January 26.

Martin, who was previously executive vice-president and chief operating officer, brings over 15 years of senior financial services experience to the role. The board cited her deep expertise in strategy execution and organisational transformation, as well as her recent oversight of critical operational and technology functions, as key qualifications for leading this efficiency drive.

While Martin assumes the interim position, the board has initiated a formal search for a permanent CEO, examining both internal and external candidates. “The board will embark on . . . looking out a little longer and [asking] what is the optimal CEO for the next, I don’t know, three, five years thereafter?” Almeida stated, emphasising they have “the luxury of time” due to the strength of the internal team.

Bowen, who will demit office on February 28 and proceed on vacation leave beforehand, remains chairman of NCB Capital Markets and a director of NCBFG, Guardian Holdings, and Clarien Bank for the time being. Almeida characterised the timing of his departure as “mutually agreeable,” stating that with the turnaround complete, “it became the appropriate time, it was a good time for him to step aside.”

Outgoing CEO Bruce Bowen, led NCBJ through a critical two-year turnaround phase now deemed complete.

Sheree Martin, appointed interim chief executive of NCBJ, with a mandate to drive operational efficiency..