NCB Financial Group says it will introduce stricter cost-cutting measures to reduce its cost-to-income ratio, which now stands at 74.5 per cent.
The ratio shows how much it costs to earn one dollar. A healthy level is between 50 and 55 cents.
Chief Executive Officer Robert Almeida says the goal is to bring it down to 50 cents over the next three to five years.
He says the group will tighten spending on technology, address delays in reconciling credit and debit card accounts, and review the early crediting of customer funds before ATM and deposit disputes are settled.
Despite the inefficiencies, NCB reported net profits of $5.1 billion from operating income of $33.5 billion in the first quarter, as expenses fell by five per cent under its ongoing cost-cutting programme.
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