Regional financial entity JMMB Group has reported a profit of $7.1 billion reflecting an uptick of 83 per cent for its financial year ended March 31 when compared to the previous year.

Commenting on the company’s good performance, JMMB Group CEO Keith Duncan said that the company, though operating in unprecedented times, will continue to leverage opportunities in order to secure shareholder value and provide customised financial solutions.

“The JMMB Group performance in the last financial year is in line with our target growth over this strategic period, and reflects our commitment to our goals, even as we remain optimistic that our local economy will rebound, as we see other countries in the Caribbean also reopening their economies and the respective governments putting in place policies and other measures to mitigate against any further economic, social and health fallout,” he said.

Duncan further said that while he was pleased with the hard work undertaken by his team in the last financial year, the company will further seek to embed financial partnership, maximise operational efficiencies and streamline its processes.

“The year ahead will present challenges, but as possibility thinkers we are confident in our abilities to respond, reassess, rebound and reinforce the solid financial foundation that we have put in place,” he added.

During the year the group also posted a net operating revenue of $21.6 billion— an increase of 19 per cent year-on-year due to growth in core business operations and organic growth in its portfolio. In its recently released audit, the group’s performance was largely driven by growth in its core business operations, namely: net interest income, net gains on securities trading; foreign exchange trading gains; fees and commission income and other fees earned from managing clients’ funds.

Total assets at the end of the year stood at $400.22 billion, an increase of $80.18 billion, 25 per cent more when compared with that at the starting of the year.

JMMB Group chief financial officer (CFO), Patrick Ellis, said that the group’s solid financial foundation was what led to its positive core earnings and continued growth even amidst the COVID-19 pandemic.

“We remain adequately capitalised, exceeding regulatory capital requirements, with a substantial increase in shareholders’ equity of $41.18 billion,” the CFO said while noting that the regional financial entity’s shareholders’ equity was further bolstered by the Group’s additional public offering (APO) issued last November which raised $12.4 billion. This he said will help the group with its diversification and expansion strategies.

COVID-19 RESPONSE

The JMMB in the wake of the pandemic has also taken added steps to help clients deal with the fallout brought on by the pandemic. The entity provided financial lifelines in the form of moratoriums, extended credit facilities, and the maintenance of its pre-existing ‘no-late payment policy’ on loans.

“The JMMB Group has the financial foundation to withstand this new economic reality, with a strategic plan that will see us continually reassessing and reimagining new opportunities to expand and grow our revenue and diversify our income stream; even as we seek to further strengthen our business model to remain resilient in the ‘new normal’,” Duncan said in outlining the company’s strategic plans.

“We remain hopeful and confident in the sustainability of the group and expect to continue seeing realised value for all our shareholders, clients and team members, as we explore accretive business development opportunities to grow our return on equity and expand our footprint,” he also said.