The Board of Directors of NCB Financial Group has announced that the company will pay an interim dividend of 50 cents per ordinary stock unit come December 18 this year.
It’s the first dividend payout by the group in three years. All stockholders on record as of December 4, will be eligible for the payout.
Daina Davy reports.
Dividends at last.
After more than 1,095 days of waiting, NCB shareholders will finally see a payday. The move is being billed as a welcome development for investors.
Interim CEO of the financial group, Robert Almeida, says the company has been able to sharpen its strategic focus, which has paved the way for sustained growth and enhanced profitability.
He says the group’s new strategy will deliver high returns.
NCB says over the past six months, it has undertaken significant restructuring and strategic initiatives aimed at stabilising operations and strengthening its financial position.
It says those decisions are now paying off, resulting in its ability to resume dividend payments.
Group chairman, Michael Lee Chin, who stepped in to assume direct control of the company’s operations in July, has expressed his happiness at the news that dividend payments will resume.
Mr. Lee Chin has thanked shareholders for their patience over the last three years.
He says the board’s decision to approve a dividend payment reflects confidence in the company’s sustainable growth and long-term value creation.
NCB says further details about the dividend payment and the Group’s overall financial performance will be discussed at an upcoming investor briefing scheduled for November 22.
The NCB Financial Group has undergone several high-profile changes over the last six months, with the departure of leading executives including former President and CEO, Patrick Hylton, and his Deputy, Dennis Cohen.
Both men have since reached a settlement with the bank, which has been described as materially significant.