For the year ended March 31, the JMMB Group’s net profit and operating revenue increased by 8.1 per cent to J$3.6 billion and J$15.84 billion over the prior year, while earnings per share stood at J$2.18.
Group Chairman Archibald Campbell said the performance of JMMB and its subsidiaries reflected strong fundamentals and steady core growth.
“Our carefully developed mix of business lines across Jamaica, Trinidad and Tobago and the Dominican Republic, remains a key competitive advantage. It provides balance and diversification across geographies, and a variety of risks, helping us deliver effective solutions to our clients, and distinctive value to our shareholders,” he said in the Group’s annual report which was posted on the T&T Stock Exchange yesterday.
“Overall, the core businesses of the Group continued to show steady growth as we continue to put the capabilities in place to build out other areas of the business model.”
Campbell said key achieves over the financial year included the build-out of the Group’s integrated financial services business model, with the launch of commercial banking operations in Jamaica, as JMMB transitioned its merchant banking services into commercial banking services.
He said: “With the addition of JMMB Bank ( Jamaica) Limited, we have increased the financial solutions offerings to our clients, who remain committed to the JMMB brand, regionally.”
The Group’s Dominican Republic operation introduced its pensions fund management business– JMMB Administradora de Fondos de Pensiones (JMMB AFP).
JMMB Investments (T&T) Limited posted 50 per cent growth in funds under management, increased market share and presence in the equities trading market moving from 10 per cent to 15 per cent. In addition, the company and began servicing Tobago.
“We are very proud of these expanded and diversified business lines which are in line with our regional integrated financial services business model, that will further position the JMMB Group to achieve its long term strategic objectives,” Campbell said.
“We continue to put a high priority on capital generation and return to shareholders, while investing in our business and maintaining a strong balance sheet.”
During the4 financial year, JMMB successfully raised J$9.13 billion with the issuance of four tranches of Cumulative Redeemable Preference Shares, with US dollar and Jamaican dollar options.
Proceeds from this issue will be used to increase the Group’s capital base and provide strength and flexibility for pursuit of new opportunities in line with JMMB’s regional expansion activities.
Campbell added: “We are confident that the quality of our businesses and consistency in execution will enable us to continue producing distinctive returns, while also investing in our businesses for future growth.
We are excited about the longer term investments we are making, including those that will enable us to connect with our clients with greater agility and accelerate our growth rate over time.”