JMMB Group records increase in revenue
KINGSTON, Jamaica –The JMMB Group today reported that it recorded operating revenue of J$10.32 billion for the financial year that ended on March 31.
This is an increase of 18.2 per cent over the prior year, across its operations in the Dominican Republic, Jamaica and Trinidad and Tobago, the group said in a release.
The growth in operating revenue, according to the release, was largely attributed to gains on securities trading, foreign exchange margins from cambio trading, and commission income, which grew by 47.1 per cent, 59.2 per cent and 26 per cent respectively.
JMMB’s net profits ,while showing a reduction over the prior year (2014 – J$3.06 billion to J$2.05 billion), was reportedly impacted in the fourth quarter by one-off provisioning of J$259.3 million on its investment portfolio. The prior year’s results also included one-off gains on acquisition of subsidiaries (IBL Group), accounting for J$361.7 million.
“The group continues to exceed regulatory capital requirements as evidenced by the group’s capital-to-risk weighted assets ratio, which stood at 14.1 per cent, as against the Financial Services Commission (FSC) benchmark stipulation of 10 per cent, at minimum,” the release said.
