[Return on Equity] and ROA [Return on Assets] ratios for the period and also improvement in our Cost to Income ratio.

 

Mr. Cohen informed the audience, that the Group will continue to strengthen its financial position by “reinventing our core business, through enhanced sales and service effectiveness, and payments innovation.” Commenting further on the Group’s strength, Mr. Cohen highlighted that “we have steady growth in our asset base” with both Total Assets and Equity increasing by 15% year on year to $639.17 billion and $106.41 billion respectively. Additionally, Net Loans has increased by 20% year-to-date to $207.29 billion while Customer Deposits increased by 9% $274 billion. The group has streamlined and improved is loans process, specifically with regards to collections. Commenting on this, Mr. Cohen states these implantation has resulted in “recoveries and reductions in our default rates and is seen the our NPL (Non-Performance Loans Ratio) of 2.8% down from 4.8% the prior year and a reduction in our provisions  loan losses.” The Company’s subsidiaries continue to do well, with all subsidiaries outperforming the regulatory minimums. Additionally Share of Profit of Associates has grown by $1.4 billion “mainly as a result of 6 months profit of our stake in Guardian Holdings Limited.”

 

The Group Managing Director, Patrick Hylton, commented on the firms strategic objectives stating that “we have started on a new path called ‘NCB 2.0’ – Faster, Strong, Simpler.” Mr. Hylton would the like Group to leverage current technology in offering a unique and useable consumer service. To reach this objective, the company had employed a Chief Digital Officer, and has recently launched an “Agile Lab” to focus on delivering “digital capabilities to provide a world class experience” to customers. Mr. Hylton also highlighted the need to reduce costs associated with its operations, “starting with the appointment of a Cost Czar”. Mr. Hylton highlighted that the person will “have responsibility of helping NCB to improve over time its cost income ratio.”

 

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