Given the contraction in some of its business and the challenges resulting from the COVID-19 pandemic, Jamaica’s largest commercial bank, National Commercial Bank Jamaica Limited (NCB), is accelerating its digital transformation initiative.
The announcement has come as NCB reports a decline in profits attributable to shareholders for the six months ended March 31, 2020. The bank also reports that it is now experiencing the negative effects of COVID-19 on the fair valuation of investment securities, which resulted in losses on investment activities for the quarter and loan provisioning.
Speaking at Friday’s NCB Virtual Investor’s Briefing, president and group CEO, Patrick Hylton, made out a case for accelerating its digital transformation initiative and putting in place now some of the initiatives which were planned for 2024.
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