NCB Financial Group Limited (NCBFG) announced on Friday that its Board of Directors has approved an interim dividend payment of $0.50 per ordinary stock unit.

The declaration comes after a three-year hiatus and is payable on December 18, 2023, for stockholders on record as at December 04, 2023.

It is a welcome development for shareholders who have eagerly awaited the return of dividends since its suspension.

“As the parent of a Systematically Important Financial Institution in Jamaica, a leading insurance group in the Caribbean region and a leading bank in Bermuda, NCBFG has fortified its position and sharpened its strategic focus, paving the way for an era of sustained growth and enhanced profitability,” announced Robert Almeida, Interim CEO of NCBFG.

“Our robust financial framework and a proactive strategy anchored in Efficiency, Governance, and Customer Experience have equipped us to thrive in the dynamic financial landscape, underscoring our pivotal role in the broader financial system. We understand our significant responsibility in driving Jamaica’s economy, and that of the broader Caribbean region, and we have full confidence that our strategy will deliver the highest returns.”

Over the past six months, NCBFG has undertaken significant restructuring and strategic initiatives to stabilise its operations and strengthen its financial position. According to the financial institution, the efforts are now paying off, evidenced by the decision to resume dividend payments.

Chairman Michael Lee-Chin expressed joy with the decision and thanked shareholders for their patience and support.

“NCBFG has demonstrated remarkable resilience and adaptability in the face of challenges,” said Lee-Chin. “The Board’s decision to declare a dividend at this time reflects the confidence in the company’s sustainable growth and long-term value creation for our shareholders. We are extremely pleased to be able to reward shareholders for their loyalty with this dividend.”