Big jump in profits for JMMB

JMMB Bank put in a sterling performance for the year ended March 31, 2019, which saw total revenues grow by J$1 billion on last year’s numbers.

Net interest income and other revenue came in at $3.96 billion compared to $2.69 billion for the year ended March 31, 2018.

This was driven in part by foreign exchange trading earnings of $963. 3 million and gains on sale of investments of $609.4 million.

Net profit of $1.14 billion was recorded for the year under review, a significant increase on the $636.5 million recorded for the prior year.

Total non-interest expenses rose to $2.52 billion compared to $1.85 billion for the year ended 2018. JMMB saw its staff costs creep up to $1.2 billion with impairment losses on financial instruments increasing to $173.5 million, as a result of accounting requirements for IFRS 9.

Headquartered in Kingston, JMMB managed to reduce its marketing and corporate affairs spend to $40.8 million as well as curtailed professional fees by over half of last year’s figure of $111 million.

JMMB Bank’s loans portfolio increased by 25.84%, moving from $26.89 billion to $33.83 billion resulting in improved market share.

JMMB Group CEO Keith Duncan (BUZZ Photo, Don Waysome)

Its total Shareholders’ Equity increased by $573.5 million and is currently at $8.63 billion, up from $8.06 billion at the end of the prior financial year.

Earnings per share(EPS) for the year under review stood at $1.78, an 80% increase when compared to 99 cents in the prior year. EPS  is based on profit after tax and the weighted average number of shares in issue ($641,159, 682 million).

Speaking with BUZZ, JMMB Group CEO Keith Duncan said:  “We are pleased with these numbers and we continue to focus on core business. The improving macro-economic and financial environment in Jamaica continues to help our operations.

“Loans have grown by 25% bolstering our banking business and we have been able to leverage our client base. We have consolidated across the region and acquired new entities and opened up new business lines.

JMMB Group CEO Keith Duncan (BUZZ Photo, Don Waysome)

“In the Dominican Republic, we have established both mutual funds and pension fund administration. In Trinidad, we have established a consumer finance arm and now have four branches in Trinidad and one in Tobago,” Duncan told BUZZ.