JMMB (Jamaica Money Market Brokers) Bank says it has topped the banking industry achieving growth of approximately 39 per cent or a $20.4-billion uptick in its loan portfolio for the period ended June 30, based on recent Bank of Jamaica (BOJ) statistics.

The financial entity which is a subsidiary of the JMMB Group transitioned to the commercial banking landscape in 2017 and has up to the reporting period ranked ahead of other players in an industry which has seen loan growths of 10.3 per cent. The entity said, however, that even with the exponential growth in its loan portfolio, it has maintained a below-average non-performing loan (NPL) ratio of 2.2 per cent of total loans, when compared to industry figures averaging 2.9 per cent.

Between June 2020 and June of this year, the bank said it provided support in the form of moratoriums, extended credit facilities and the maintenance of its pre-existing ‘no late fees payments policy’ on loans, to its most vulnerable retail and business clients. These, it said, helped to provide relief to customers affected by the harsh economic realities stemming from the novel coronavirus outbreak on the island.

“The bank has forged partnerships with local and international players to provide more affordable financing to individual and business clients; while deepening its relationships with existing clients, especially as they sought to navigate the pandemic and their changing financial needs,” said Jerome Smalling, chief executive officer (CEO) of JMMB Bank.

“In keeping with financial inclusion as a key strategic imperative of the subsidiary, as well as the Group, this saw us improving our loan adjudication process for small and medium-sized enterprises (SMEs) and corporate clients, and simplifying the account-opening process for retail clients, he added, noting that these measures significantly helped to drive loan growth in key areas such as business, auto, home financing – mortgages and home equity loans.

During the period, the bank’s deposit base also grew by some 40 per cent or $26.2 billion, moving from $65.4 billion in June 2020 to J$91.6 billion this year. The bank’s market share also now stands at 7.6 per cent, retaining its position as the sixth largest of the eight commercial banks operating locally.

The CEO said the bank, further keeping with its strategic direction, is also eying increased growth in its portfolios, of which specific focus will be placed on mortgages and the SME business line. This, while it continues to build out other offerings to compete in the corporate segments while catering to unmet needs.

“As clients’ needs and behaviours change, the bank is also seeking to build out digital support, having earlier this year upgraded its fleet of automated teller machines (ATMs), providing improved convenience and client experience to bolster operational efficiency,” he noted.

The JMMB Group, which has also reaped tangible benefits from its banking business line across the region, added 30 per cent, or about $1.96 billion, to its $4.87-billion profit before tax during the last financial year. At its Dominican Republic banking operations, loan growth went up by 54 per cent or some $5.85b, when compared to the industry growth rate of 2 per cent.

Group CEO Keith Duncan has stressed that the company, as it looks to diversify strategies, drive profitability, enhance shareholder value and pursue new acquisitions, will give greater focus to the prioritisation of the group’s banking business particularly as it positions to grow inorganically.