JMMB Group net profit up by 17 per cent


JMMB Group net profit up by 17 per cent

Friday, August 16, 2019

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Jamaica Money Market Brokers (JMMB) Group, regional financial group of companies is reporting $1.12 billion in net profits. This represents a 17 per cent increase year-over-year, for the first quarter of the 2019/20 financial year. Additionally, the group recorded $5.84 billion in operating revenue, which reflects a 25 per cent uptick over the corresponding prior three-month period.

The JMMB 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.

Net gains on securities trading increased by 35 per cent to $2.16 billion, due to an improved outlook for emerging market assets, which resulted in increased trading activities. In addition, foreign exchange trading gains also saw a noteworthy increase of 45 per cent over the prior year or $230 million, amounting to $744.67million. This growth in foreign exchange trading gains was driven by increased trading volume and growth in regional markets.

Fees and commission income grew by 53 per cent to $736.67 million, spurred by the significant growth in managed funds and collective investment schemes (CIS) across the JMMB Group. The company also saw a 6 per cent increase in its net interest income, totalling $2.20 billion, as a result of the strong growth in its loan and investment portfolios.

Chief Executive Officer of the group Keith Duncan, noted that strong growth in profitability for its first quarter ended June 30, 2019 was attributable to the optimisation of their financial partnership strategy, as well as further enhancement of client experience.

“Over the quarter we continued our efforts to standardise the core operating platforms, systems and processes supporting our core business lines in an effort to yield greater efficiencies and achieve improved client experience over the medium term. As a pioneering financial institution, we are always seeking opportunities that will add value to our stakeholders,” he further said.

At the end of the first quarter, the JMMB Group's asset base totalled $351.39 billion, an increase of $31.35 billion, or a 10 per cent increase, compared to the start of the financial year. This increase was as a result of the larger loan and investment portfolio, and the maintenance of a loan portfolio credit quality that is comparable to international standards.

Additionally, the entities across the group remained adequately capitalised, exceeding regulatory capital requirements, with a marginal increase in shareholder's equity to $33.99 billion or a 9 per cent increase.

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