CariCRIS Reaffirms NCBJ's 'Good Creditworthiness' Ratings with Stable Outlook

  • On October 9, 2026, Caribbean Information and Credit Rating Services Limited (CariCRIS) reaffirmed the issuer/corporate credit ratings of National Commercial Bank Jamaica Limited (NCBJ) at CariA (foreign currency) and CariA+ (local currency) on the regional scale, denoting good creditworthiness, and at jmAA+ on the Jamaica national scale, denoting high creditworthiness. The stable outlook reflects the expectation that, over the next 12 to 15 months, NCBJ will retain its dominant position in the Jamaican financial services sector, sustain revenue and profitability growth, remain well capitalised and comfortably meet its financial obligations.
  • The ratings are supported by the bank's franchise strength and balance sheet quality. Key strengths include NCBJ's strong brand equity, wide distribution network and diversified funding base, with a good mix of stable retail deposits, alongside good asset quality. The ratings are further underpinned by sustained revenue growth, a significant improvement in profitability over the last 12 months, comfortable capitalisation and sound risk management practices. However, the ratings are tempered by NCBJ's high reliance on the Jamaican economy, where most of its earnings, assets and funding are domiciled.
  • NCBJ is the largest commercial bank in Jamaica by assets and a wholly owned subsidiary of NCB Financial Group Limited (NCBFG), which is majority-owned by AIC (Barbados) Limited (47.88% as at June 2026). The bank now has six wholly owned active subsidiaries, operating primarily in the securities industry, following the sale of NCB (Cayman) Limited effective August 31, 2026.
  • The reaffirmation comes as NCBFG continues its internal restructuring, reorganising the group's expertise and resources into dedicated Centres of Excellence to strengthen capital and operational efficiency, reduce duplication and unlock synergies across its subsidiaries. Internationally, NCBJ is rated BB- by S&P, with a positive outlook since October 2025, and BB- by Fitch, with a stable outlook since February 2026.

(Source: CariCRIS)