JN Bank profit triples to $1.45 billion
KINGSTON, Jamaica— JN Bank more than tripled its net profit to $1.45 billion for the financial year ended March 31, 2026, helped by stronger income growth and a sharp reduction in credit impairment losses.
The result compared with net profit of $439 million in the previous financial year, while profit before tax rose to $2.29 billion.
Operating profit increased to $2.81 billion from $862 million as income grew faster than expenses, although the bank said operating costs increased modestly during the year.
JN Bank also reported an improvement in operational efficiency, with its cost-to-income ratio declining to 87 per cent from 95 per cent. However, the ratio indicates that the bank continued to spend 87 cents for every dollar of operating income generated.
Impairment losses on loans and other financial assets fell by more than half to $285 million from $654 million, providing a significant boost to earnings. The reduction suggests an improvement in credit performance, although the bank did not disclose movements in non-performing loans or the level of loans under payment accommodation.
Total comprehensive income rose to $2.46 billion, supported by the improvement in profitability and gains reflected in the bank’s valuation reserves.
JN Bank’s assets increased to $286 billion, while customer deposits grew by approximately $24 billion to just under $234 billion. Total equity rose by $2.5 billion to nearly $30 billion, and retained earnings stood at $5.5 billion.
The bank reported a capital ratio of 13 per cent but did not specify the regulatory measure used or how the ratio compared with the minimum requirement set by the Bank of Jamaica.
Cash flow for the year amounted to $13.2 billion.
“JN Bank will continue to improve operational efficiency and achieve its strategic objectives,” said interim managing director Keith Levy.
“This will continue to drive its positive momentum and maintain its sustainable growth in the years ahead.”
The bank did not disclose what drove the increase in income, the size and performance of its loan portfolio, or whether the improved results would affect returns to members.
