NCB Financial Group’s profit is down—but its stock is having one of its strongest years in recent memory.

NCB group earned approximately 18-point-6 billion Jamaican dollars for the nine months ended June 2026.  That’s a 39-percent decline compared with last year.

But that headline is somewhat misleading. Last year’s results included a 15-billion-dollar one-off gain from selling an insurance brokerage in the Netherlands. Strip that out, and NCB’s underlying profitability actually improved.

Speaking on Taking Stock, Leo Dillion from JMMB, said investors have responded.

Another major factor could be Scotia Group Jamaica’s planned delisting.

Once Scotia leaves the Jamaica Stock Exchange, investors who still want exposure to a major listed Jamaican bank will have fewer options—and some of that money could flow into NCB.

So NCB’s nearly 78-percent rally may reflect both improving fundamentals and the expectation that it could benefit from Scotia’s departure.

But after such a dramatic increase, NCB must now deliver the sustained earnings and dividend growth needed to support its rising price.

And that’s the bottom line.

So what do you think? Would you move your Scotia investment into NCB after the delisting?