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JMMB Group Records $4 Billion Net Profit

Regional
financial entity, JMMB Group, recorded a net profit of J$4 billion, for the
nine-month period ending December 31, 2019, a 33% increase, year-over-year. 

Additionally,
the Group posted net operating revenue of J$17.38 billion, which is an increase
of 26%, compared to the corresponding prior period.

The
Group’s performance was largely driven by growth in its core business
operations, namely: net gains on securities trading; foreign exchange trading
gains; fees and commission income; and net interest income.

Foreign
exchange trading gains saw growth of J$359.28 million, or 19%, amounting to
J$2.26 billion, as a result of increased trading activity and growth in the
regional markets, over the period.

Additionally,
fees and commission income grew by 32%, amounting to J$2.43 billion; this was
spurred by the significant growth in managed funds and collective investment
schemes, across the JMMB Group.

Keith
Duncan, JMMB Group CEO, in sharing insight into the Group’s financial
performance, noted that they were pleased with the solid growth trajectory that
JMMB Group has been able to achieve.

He
also noted that they remain committed to building out their integrated financial
services model, even as they make key strategic moves, such as the acquisition
of 22.5% of Sagicor Financial Company Limited (SFC).

This
he said gives the Group diversification and the opportunity to participate in
the future growth of the market leader in Caribbean’s insurance, pension and
asset management sectors.

The
financial impact of this major transaction is expected to be seen in the
Group’s year-end financial results, at the end of March.

Source for this article

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