The Jamaica Money Market Group (JMMB) has disclosed that with all the success that they have been reaping over the last five financial years; including a 26 per cent growth in net profit, they are further positioning the company to earn profits totalling nine billion within the next 3-4 years.

Speaking at the group’s sixth annual general meeting held on Wednesday (September 18), Keith Duncan, executive director and group chief executive officer (CEO) stated that this vision is critical as there is the need for additional capital to push the business forward and secure more growth.

An expansion of growing partnerships and client base is believed will further help the group in attaining this objective.

The CEO in reporting on the numbers said that the group saw an eight per cent growth of their client base this year.

“Over the year 2018/19 we have introduced 25, 000 new clients to the group, now we have approximately 316,000 clients right across the group. Two years ago this figure was 170,000, as the growth continues, we can continue to partner with them and support them on their journey to financial freedom,” he said.

Patrick Ellis, group chief financial officer (CFO) deems the company as one which is well positioned and making the right moves in continuing on a positive growth trajectory.

In reporting on the company’s current financial performance for the year, he said that the group’s core of earnings was very positive, welcoming it as a very good sign for the group and its clients.

“For the financial year ending March 31, 2019, we saw net profits of 3.87 billion, a seven per cent increase year over year, with all business segments reflecting positive movements. Annually for the past five financial years, the JMMB group has been improving its nets earnings, with all three countries showing positive growth in earnings”, he stated.

“There is total asset growth of over $78 million. Growth was mainly concentrated in our loan book, which reflected a growth of $12 million or 22 per cent overall. Non- performing ratio in terms of our banks was one of the best in the industry especially in Jamaica and the investment portfolio had a positive growth of $11 billion or six per cent,” he further outlined.

At the end of the financial year, JMMB also saw operating revenues of $18.04 billion, an increase of 14 per cent and earnings per share stood at $2.34, with dividends of 49 cents per stock unit and a Jamaica Stock Exchange (JSE) closing price of $31.99 reflecting a 23 per cent increase in capital gains to shareholders. Assets totalled $320 billion with a $18 billion operating revenue.

“Equity right now stands at $31 billion, book value continues to show positive growth which is moving from 17-18. We’ve grown business internally from profitability; we’ve distributed those earnings to shareholders in the form of dividends after which we reinvest that extra capital to secure future profits,” the CFO continued.

The group in reinforcing its strong financial position also saw net profits of $1.1 billion, up by 17 per cent for its first quarter ending June 30, relative to the previous period.

“We’re not where we want to be; initiatives are being undertaken to improve how we operate, to ensure we do so in a more efficient manner, some of which will include investments and standardisation done across the group. We’re headed in the right direction,” he closed in saying.

In its report to shareholders, the group’s strategic direction for 2019 and beyond was outlined as one that would “ pursue growth via acquisitions and expanding market shares among other measures, maximise efficiency, continue financial partnerships build out branches, and deepen regional presence. The inclusion of a Visa debit card to give better payment solutions to their customers was also announced to be coming soon. All of which they believe will offset their objective to triple profits within the next few years.