With ambitions to drive growth, double profits, and make his workforce “exportable,” Michael Lee-Chin, the chairman of NCB Financial Group Limited, shared his vision for the future during the Mayberry Investor Forum. Emphasizing the need for improved standards, critical thinking, and problem-solving skills among his team, Lee-Chin highlighted the importance of preparing them to be globally competitive, should they choose to emigrate.
Key Points from the Forum:
- Societies benefit from the free movement of labour and capital, as seen in the development of countries like Canada and the USA.
- Lee-Chin stressed the essential role immigrants play in recalibrating standards, building nations, and preventing stagnation.
- To enhance Jamaica’s appeal for investment, a focus on improving overall standards is crucial.
- Efforts to streamline procedures for importing workers have been requested by Jamaica’s private sector to address a shortage of skilled labour.
Achieving Financial Goals:
- NCB Financial Group aims to double its profits to $50 billion annually, with cost-cutting measures to reduce expenses to 50% of revenue.
- CEO Robert Almeida emphasized the need for cost reduction to enhance competitiveness on a global scale.
- By lowering the expense ratio, NCB Financial Group anticipates a return on capital of around 20%, translating to significant profit growth for shareholders.
- Dan Theoc of Mayberry projected that achieving these financial targets could triple NCB Financial’s share price to $150.
- Reflecting on past successes, Almeida highlighted the potential for substantial profit growth based on previous performance metrics.
Looking Ahead:
NCB Financial Group’s recent financial results demonstrate progress towards their ambitious goals, setting the stage for future growth and profitability. By prioritizing skill development, cost reduction, and global competitiveness, Michael Lee-Chin and his team are paving the way for a successful and sustainable future in the financial industry. As they continue to enhance their workforce’s capabilities and financial performance, NCB Financial Group is poised to make a significant impact on Jamaica’s economy and beyond.
Leave feedback about this