Six month profits up by 35 per cent for JMMB


Six month profits up by 35 per cent for JMMB

Expands footprint in Dom Rep and Trinidad

Friday, November 29, 2019

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The JMMB Group has reported that for its second quarter ended on September 30, the regional financial group of companies posted $2.80 billion in net profits, up 35 per cent year-over-year.

In a recent release, the company said that the group's positive financial performance builds on its first quarter results. This as the entity saw continued profitability, attributable to an increase in net gains on securities trading; foreign exchange gains; fees and commission income; and net interest income.

“The financial entity saw a 58 per cent increase in its net gains on securities, to $3.95 billion, which was partly due to an improved appetite for emerging markets and taking advantage of global bonds market opportunities. This was complemented by foreign exchange trading gains, which also saw a noteworthy increase of 20 per cent, over the prior year period, or $259.4 million, amounting to $1.53 billion, as a result of increased trading volume and growth in regional markets. Furthermore, fees and commission income grew by 33 per cent, to $1.59 billion; spurred by the significant growth in managed funds and collective investment schemes (CIS), across the JMMB Group. The group also saw a six per cent increase, year-over-year, in its net interest income, totaling $4.63 billion, from its loan and investment portfolios,” the release said.

Keith Duncan, group chief executive officer (CEO) said that he was pleased with the group's performance for the six-month period.

“We are pleased that during the first half of the financial year we were able to achieve several key milestones, among them is the roll-out of an expanded integrated financial services location in the city of Santiago, Dominican Republic, in October, and the launch of the group's structured product, in Jamaica,” he shared.

The group disclosed that as evidenced by growth in all business lines, they continue to make considerable progress in driving core revenues.

“The group remains focused on extracting operational efficiencies and synergies from all its entities, placing increased focus on the standardisation of its core operating platforms, processes, and systems, in a bid to yield greater efficiency and enhance client experience,” the release said.

The group further highlighted that while expenses amounted to $7.41 billion up by 16 per cent, their efficiency ratio continues to increase, moving from 68 to 63 per cent relative to the previous year. They also said that much of the increase streamed from their continued build-out of the commercial banking services in Jamaica; the expansion of JMMB Express Finance (JEF) in Trinidad & Tobago; and project-related expenses.

The group reported total assets of $391.68 billion and an uptick in shareholders equity totalling $38.71 billion.


The JMMB Group CEO, in speaking to the positive outlook of the entity's growth path, shared, “We are excited to further build out our integrated financial model and look forward to delivering on our commitment to our clients and shareholders."

He noted the recent launch of their co-branded Visa Debit card, as well as the launching of their resource centre that will they say will deepen partnership with players in the small and medium-sized enterprise (SME) sector.

The group in anticipating even better third-quarter results said that raising of funds via its additional public offer of ordinary shares which closed on November 7, has already seen them making progress in this regard.

“The proceeds of the funds raised through the group's additional public offer will contribute to the continued growth and expansion strategy of JMMB Group, allowing for organic expansion and diversification, through investment in other entities, whether by acquisitions or strategic investments. Additionally, this capital will allow JMMB Group greater financial flexibility, to quickly take advantage of changing economic, regulatory and market conditions,” the release stated.

-Kellaray Miles

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