JMMB Bank loan portfolio outpaces industry during its 2018/19 financial year


JMMB Bank loan portfolio outpaces industry during its 2018/19 financial year

Friday, September 13, 2019

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The Jamaica Money Market Brokers (JMMB) ,the newest commercial bank in Jamaica, saw growth of 26 per cent in its loan portfolio, year-over-year, for the period ending March 31, 2019 totalling J$6.94 billion. This performance sets JMMB bank ahead of the local banking industry's 16.9 per cent loan portfolio growth rate, over the same one-year period.

The bank's Chief Executive Officer (CEO) Jerome Smalling offered that although JMMB Bank remains one of the smaller players in the industry, the company has seen steady growth in both its deposit base and loan portfolio and has taken deliberate steps to ensure that it provides innovative and client-centric financial solutions, designed to help clients to achieve their goals.

“The Bank has been strategic in forging partnerships with key players, to develop financing solutions to meet clients' needs and fill gaps identified in the market. An example of this is the first of its kind maternity loan offered in partnership with the Hugh Wynter Fertility Management (HWFM) unit, which provides financing for fertility procedures,” he stated.

“We have also taken a flexible approach to client partnership, as we recognise that each client has his/her own unique needs and circumstances. As such, we have tailored our offerings to meet a client's specific needs in a holistic way; this is applicable for both corporate and retail (individual) clients,” he further added.

Even with the growth in the bank's loan portfolio, it has been able to maintain one of the lowest non-performing loan (NPL) ratios in the industry, at 1.6 per cent of total loans, when compared to the industry's average of 2.3 per cent. The bank also ended its 2018/ 2019 financial year with $1.14 billion in profit representing a 79 per cent uptick relative to the last corresponding period.

The JMMB group, as a part of its standardisation and process improvement project for the 2019/2020 financial year, has noted that there will be a streamlining of its product/solution set and in-branch experience that will be supported by standardised technology, processes, and systems for the banking business line across the group's operations in Jamaica, Trinidad & Tobago, and Dominican Republic. This, they say, is aimed at improving the client experience and operational efficiency of the bank likewise providing a more seamless experience for clients.

The bank said it is also eyeing further growth of its mortgage portfolio and the small and medium-sized enterprises (SMEs) segment, during the financial year. This, as they seek to continue in driving revenue and growing market shares.

“A holistic approach is being taken in serving the SME segment, as the needs of these players are varied and therefore, financing solutions for them will have to be customised, based on the respective entity,” Smalling stated.

The company also seeks to add value to its SMEs clients through the provision of financial partnership and business resource services such as business plan writing, access to other support services, innovative financial solutions, and a network of key stakeholders such as venture capitalists, during the various stages of the businesses' life cycles. This they believe will provide the necessary support to help the SMEs to grow, and fill the gaps that currently exist in the financial sector.

Overall the group has reported that it has reaped tangible benefits from its banking business line across the region whereby the bank has added $1.96 billion or 40 per cent, to their $487 billion before tax profit for the financial year ending March 31, 2019.

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