Subscribe Login
Jamaica Observer
ePaper
The Edge 105 FM Radio Fyah 105 FM
Jamaica Observer
ePaper
The Edge 105 FM Radio Fyah 105 FM
    • Home
    • News
      • Latest News
      • Cartoon
      • International News
      • Central
      • North & East
      • Western
      • Environment
      • Health
      • #
    • Business
      • Business Bites
      • Social Love
    • Sports
      • Football
      • Basketball
      • Cricket
      • Horse Racing
      • World Champs
      • Commonwealth Games
      • FIFA World Cup
      • Olympics
      • #
    • Videos
    • Entertainment
      • Music
      • Movies
      • Art & Culture
      • Bookends
      • #
    • Lifestyle
      • Page2
      • Food
      • Tuesday Style
      • Food Awards
      • JOL Takes Style Out
      • Design Week JA
      • Black Friday
      • #
    • All Woman
      • Home
      • Relationships
      • Features
      • Fashion
      • Fitness
      • Rights
      • Parenting
      • Advice
      • #
    • Obits
    • Classifieds
      • Employment
      • Property
      • Motor Vehicles
      • Place an Ad
      • Obituaries
    • More
      • Games
      • Elections
      • Jobs & Careers
      • Study Centre
      • Jnr Study Centre
      • Letters
      • Columns
      • Advertorial
      • Editorial
      • Supplements
      • Webinars
    • Home
    • News
      • Latest News
      • Cartoon
      • International News
      • Central
      • North & East
      • Western
      • Environment
      • Health
      • #
    • Business
      • Business Bites
      • Social Love
    • Sports
      • Football
      • Basketball
      • Cricket
      • Horse Racing
      • World Champs
      • Commonwealth Games
      • FIFA World Cup
      • Olympics
      • #
    • Videos
    • Entertainment
      • Music
      • Movies
      • Art & Culture
      • Bookends
      • #
    • Lifestyle
      • Page2
      • Food
      • Tuesday Style
      • Food Awards
      • JOL Takes Style Out
      • Design Week JA
      • Black Friday
      • #
    • All Woman
      • Home
      • Relationships
      • Features
      • Fashion
      • Fitness
      • Rights
      • Parenting
      • Advice
      • #
    • Obits
    • Classifieds
      • Employment
      • Property
      • Motor Vehicles
      • Place an Ad
      • Obituaries
    • More
      • Games
      • Elections
      • Jobs & Careers
      • Study Centre
      • Jnr Study Centre
      • Letters
      • Columns
      • Advertorial
      • Editorial
      • Supplements
      • Webinars
  • Home
  • News
    • International News
  • Latest
  • Business
    • Business Bites
  • Cartoon
  • Games
  • Food Awards
  • Health
  • Entertainment
    • Bookends
  • Regional
  • Sports
    • Sports
    • World Cup
    • World Champs
    • Olympics
  • Videos
  • Career & Education
  • Classifieds
  • All Woman
  • Environment
  • Webinars
  • More
    • Football
    • Elections
    • Letters
    • Advertorial
    • Columns
    • Editorial
    • Supplements
  • Epaper
  • Design Week
JMMB’s banking bet paying off
Business, Caribbean Business Report (CBR)
BY DASHAN HENDRICKS Business content manager hendricksd@jamaicaobserver.com  
June 5, 2026

JMMB’s banking bet paying off

Growth in loans and deposits helped soften the impact of weaker investment earnings

JMMB Group’s profit was cut in half last year. Yet customers added another $41.4 billion in deposits. Loans grew by $19.2 billion. And the group’s banking segment increased its operating contribution by 38 per cent to $6.24 billion.

At first glance, those numbers do not seem to belong in the same set of financial statements. One points to a business under pressure. The others point to a business that continued to grow. That gap helps explain a transformation that has been unfolding inside JMMB Group for more than a decade. Profit attributable to shareholders fell 56 per cent to $1.55 billion during the year ended March 31, 2026.

For years, many Jamaicans associated JMMB with fixed-income investments. But over the past decade, JMMB Group has expanded far beyond its brokerage roots, building banking operations across Jamaica, Trinidad and Tobago and more recently, in the Dominican Republic.

Management eventually concluded that relying too heavily on investment income left the group exposed to swings in financial markets and interest rates.

“We recognised that we needed diversification in earnings and that the investment business line is a little bit more subject to market movement and movement of interest rates and what we call market risk,” Group CEO Keith Duncan told the Jamaica Observer in an interview Thursday.

A major step in that shift came with the acquisition of Capital & Credit Financial Group in 2012, which gave JMMB Group a merchant bank. A commercial banking licence followed five years later, further expanding its ability to generate income from traditional banking activities. Last year put that strategy to the test.

 

.

.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“When we started this journey, the objective was to build a more balanced business model where earnings would not be dependent on a single business line,” Duncan told BusinessWeek. “What you’re seeing now is the benefit of having multiple earnings streams contributing to the group.”

JMMB Group’s banking and related services segment generated a $6.24-billion operating contribution, up from $4.51 billion a year earlier. Its financial and related services segment — which includes securities brokering, investment management and advisory services — recorded a $2.05-billion loss.

Banking was not simply the group’s strongest business. It was effectively carrying the group while the division most closely associated with JMMB’s origins reported losses. Despite that, profit attributable to shareholders still fell sharply. A major reason was Sagicor Financial Company.

JMMB Group’s share of profit from Sagicor fell to $1.01 billion from $2.84 billion a year earlier. According to JMMB Group, Sagicor’s core operations remained profitable, generating US$25 million in core earnings during the quarter ended March 31. However, volatility in US and Canadian stock and bond markets contributed to a reported net loss attributable to shareholders of US$34.4 million.

As one of Sagicor’s major shareholders, JMMB Group records its share of the company’s earnings in its own results. That weaker performance therefore reduced JMMB Group’s profit as well.

The group also earned less from securities trading. Net gains from trading activities declined to $4.27 billion from $5.79 billion, while provisions for potential future losses on financial assets reached $1.61 billion.

DUNCAN...what investors should really focus on in our numbers is the fact that we’re achieving greater and greater diversification of revenues.

DUNCAN…what investors should really focus on in our numbers is the fact that we’re achieving greater and greater diversification of revenues.

Meanwhile, the banking business continued to expand. Customers entrusted JMMB Group with an additional $41.4 billion during the year, pushing deposits to $267.8 billion. The loan portfolio grew by $19.2 billion to $236.4 billion.

Net interest income — the difference between what JMMB Group earns on loans and investments and what it pays on deposits and borrowings — climbed to $14.8 billion from $11.3 billion. Foreign exchange trading gains rose to $2.9 billion from $1.8 billion, helped largely by operations in Trinidad and Tobago while the Jamaican market faced disruption from Hurricane Melissa.

“The banking business continues to show strong momentum across the region,” Duncan said. “Those operations are providing a strong foundation for the group.”

“What investors should really focus on in our numbers is the fact that we’re achieving greater and greater diversification of revenues,” he added.

JMMB Group still manages investments, trades securities and earns fees from wealth management. Investment securities remain its largest asset category at $359.5 billion, and the company remains heavily exposed to financial markets.

Yet the results also show how much its earnings mix has changed. A decade ago, a year like this would have been driven almost entirely by the performance of its investment businesses. Today, banking is playing an increasingly important role in determining how the group performs when markets become volatile.

Interior shot of JMMB Bank in the Dominican Republic. Banking operations across Jamaica, Trinidad and Tobago and the Dominican Republic helped drive growth in deposits, loans and earnings, providing an important cushion against weaker investment-related results at JMMB Group..

{"xml":"xml"}{"jamaica-observer":"Jamaica Observer"}
img img
0 Comments · Make a comment

ALSO ON JAMAICA OBSERVER

Coach Renard leaves Tunisia after World Cup group-stage exit
International News, Latest News, World Cup
Coach Renard leaves Tunisia after World Cup group-stage exit
July 4, 2026
PARIS, France (AFP)—Herve Renard, who took over from Sabri Lamouchi as Tunisia coach in the middle of the World Cup, announced on Saturday that he was...
{"jamaica-observer":"Jamaica Observer"}
Tens of thousands rally in Albania against Trump-linked resort project
International News, Latest News
Tens of thousands rally in Albania against Trump-linked resort project
July 4, 2026
TIRANA, Albania (AFP)—Tens of thousands rallied on Saturday in the Albanian capital Tirana in the largest protest since a movement against a resort li...
{"jamaica-observer":"Jamaica Observer"}
From Research to Football: US Fulbright scholar reflects on ‘valuable’ experience in Jamaica
Latest News, News
From Research to Football: US Fulbright scholar reflects on ‘valuable’ experience in Jamaica
Vanassa McKenzie, Observer Online reporter, mckenziev@jamaicaobserver.com 
July 4, 2026
When Caitlyn Sams arrived in Jamaica last year to pursue research under the United States Fulbright programme, she expected to gain new academic persp...
{"jamaica-observer":"Jamaica Observer"}
Dolla Financial completes acquisition of Evolve loan portfolio
Business, Latest News
Dolla Financial completes acquisition of Evolve loan portfolio
July 4, 2026
KINGSTON, Jamaica — Dolla Financial Services Limited has completed the acquisition of the lending portfolio of Evolve Loan Co Limited, in a transactio...
{"jamaica-observer":"Jamaica Observer"}
Morocco beat Canada 3-0 to reach World Cup quarter-finals
International News, Latest News, World Cup
Morocco beat Canada 3-0 to reach World Cup quarter-finals
July 4, 2026
HOUSTON, United States (AFP)—Canada became the first of the co-hosts to exit the World Cup as a clinical Morocco won 3-0 to reach the quarter-finals o...
{"jamaica-observer":"Jamaica Observer"}
Venezuela quake death toll rises to 2,954
International News, Latest News
Venezuela quake death toll rises to 2,954
July 4, 2026
CARACAS, Venezuela—The death toll from Venezuela's devastating twin earthquakes has risen to 2,954, according to official figures released on Saturday...
{"jamaica-observer":"Jamaica Observer"}
An ‘angel’ in darkness after Venezuela’s deadly quakes
International News, Latest News
An ‘angel’ in darkness after Venezuela’s deadly quakes
July 4, 2026
LA GUAIRA, Venezuela (AFP)—Just when Pedro Cordido thought all was lost, he heard Erick Roa's voice. Cordido's eyes can't help but radiate with gratit...
{"jamaica-observer":"Jamaica Observer"}
Barbados High Court dismisses Rastafari cannabis constitutional challenge
Latest News, Regional
Barbados High Court dismisses Rastafari cannabis constitutional challenge
July 4, 2026
BRIDGETOWN, Barbados (CMC) — Barbados High Court has dismissed a constitutional challenge to the countrys’ Sacramental Cannabis Act, ruling that restr...
{"jamaica-observer":"Jamaica Observer"}
❮ ❯

Polls

HOUSE RULES

  1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper; email addresses will not be published.
  2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.
  3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.
  4. Please do not write in block capitals since this makes your comment hard to read.
  5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.
  6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.
  7. Lastly, read our Terms and Conditions and Privacy Policy

Recent Posts

Archives

Facebook
Twitter
Instagram
Tweets

Polls

Recent Posts

Archives

Logo Jamaica Observer
Breaking news from the premier Jamaican newspaper, the Jamaica Observer. Follow Jamaican news online for free and stay informed on what's happening in the Caribbean
Featured Tags
  • Editorial
  • Columns
  • Health
  • Auto
  • Business
  • Letters
  • Page2
  • Football
Categories
  • Business
  • Politics
  • Entertainment
  • Page2
  • Business
  • Politics
  • Entertainment
  • Page2
Ads
img
Jamaica Observer, © All Rights Reserved
  • Home
  • Contact Us
  • RSS Feeds
  • Feedback
  • Privacy Policy
  • Editorial Code of Conduct