NCB has definitely gone through the summer blues with its stock price hitting a low of J$28.50 in the last week of July.

This nadir elicited much debate. Negative press reports, the chairman’s other business interests being scrutinised, prominent shareholders selling their stock—all this brought attention to a beleaguered NCB.

The stock price went from a high of $210 in 2019 to a low of $28.50.

This prompted talks of a run on NCB, and the possibility of a sale was even mooted. The summer heat was blazing, and things were getting sticky under the collar.

NCBFG’s CFO Malcolm Sadler took a sanguine approach and remained unruffled while many lost their heads. Speaking to the media at the end of July, he pointed out, “NCB’s stock price is not indicative of the performance and the worth of the company.”

Following a slew of negative press reports, NCB’s future looked foreboding, and then a ray of sunshine appeared with the release of its earnings for the nine months ended June 30, 2025. This revealed a net profit of $19 billion, total assets of $2.39 trillion, equity of $240 billion and a return on equity of 13.97 per cent. 

For the remainder of the summer months, there were no untoward media stories, and the stock price began its steady ascent.

NCB was back to paying a dividend of $0.50.

From July 26, 2025, to September 16, 2025, NCB has moved from $28.50 to $46.00, an over 50 per cent rise in its stock price.

So if one bought NCB at the end of July, you’d have something to smile about today.

Speaking at the Mayberry AGM, held at the AC Hotel, Group CEO Gary Peart put the matter into perspective: “We believe that NCB has bottomed out at around $28 per share, and we see it trading back up to $41 (earlier this month). Our calculations suggest the inherent value of NCB is in excess of $120 per share. So you can see material upside for the NCB stock.”

NCB Jamaica CEO Bruce Bowen has said on a number of occasions that with consistent earnings and good returns to shareholders, NCB will be viewed as an attractive proposition, and that is the goal.

“There has been talk of attempts to depress the stock price and put NCB under pressure. All will be revealed. A pig will squeal, but in the meantime, the stock price is going up.

“If there is no further negative news, at the current trajectory, it may yet finish the year at around $60. With interest rates set to come down, NCB may well yet stage a concerted comeback.

“Many people can’t seem to distinguish between NCB’s operations and Michael Lee Chin’s other business ventures. If Joe Bloggs and not Michael Lee Chin was the lead principal, it would be said that NCB is recovering nicely, the stock price is increasing and dividends are being paid out in a timely fashion.

“NCB must be allowed to continue on its progression. Michael Lee Chin’s other obligations are an altogether different matter,” said Alana Betancur of  Bain Capital.