The JMMB Group reports strong profit growth for April to June, due in part to contribution from its stake in Sagicor Financial Corporation. The regional financial conglomerate posted profit of $1.93 billion for the three months ended June 30. That was 148 per cent above the out-turn for the same period of the prior year. JMMB Group highlighted that $319 million of the amount was contributed by Sagicor Financial in which JMMB Group holds a 22.85 per cent stake.

The stronger profit was also attributed to all revenue lines recording improved performance. Net operating revenue of $6.86 billion for the three momths ended June 30 reflected growth of 37 per cent. Net interest income, trading gains, and fees and commission income were the main drivers of this growth.

JMMB Group said it was facilitated by increased economic activity relative to the prior period, as well as continued accommodative monetary policies in the countries in which it has operations.

CEO of JMMB Group Keith Duncan attributes the performance to the out-turn in the Dominican Republic. “We’ve done really well in the Dom Rep. We’ve pivoted to a more trading shop in the Dom Rep and as a result realised significant gains on securities trading, and we’ve been able to ride volatility and trade volatility very well in the Dom Rep market,” he asserted.

“We were first in the securities dealer market in the Dom Rep ten years ago and we have perfected the art, so we doing well in the Dom Rep, that is what is driving results,” he continued. The JMMB Group results show gains on securities trading was up 86 per cent to $2.4 billion. It helped to push operating revenues net of interest expenses close to $7 billion from under $5 billion.

Duncan said the next aim is to boost the JMMB Bank in Jamaica. “In Jamaica, if you look at banking, if you look at how we have, like, tripled our market share in the last three or four years. If you look at the growth in loans and compare that to Sagicor growth, First Global growth, FCIB [CIBC First Caribbean International] growth, you [will] see [JMMB Bank] Jamaica pass FGB [First Global Bank] and breathing right under FCIB now, and we going for Sagicor,” he asserted. “JMMB has the secret sauce enuh and we taking over.”