JMMB Secures Commercial Banking License

The JMMB Group’s entry into the commercial banking sector became official yesterday with the formal transition to JMMB Bank.

A statement from the Bank yesterday says the move follows the approval by the Bank of Jamaica in September 2016 of JMMB Merchant Bank’s application to convert its operations to a commercial bank.

JMMB says the rollout of the re-branded entity will see commercial banking services being introduced to all three of the former merchant bank’s locations in Ocho Rios, Montego Bay and on Knutsford Boulevard.

It says complete banking services is now being offered at additional locations across JMMB’s network specifically Portmore and Mandeville. The bank says it intends to roll-out additional branches in the future.

Meanwhile, the JMMB Group says it recorded net operating revenue of just over $4-billion for the first quarter ending June 2017.

This represents a 19 percent increase year over year.

The regional financial entity’s – with operations in the Dominican Republic, Jamaica and Trinidad and Tobago – net profit totaled $613.4-million, which reflected a marginal growth of 3 percent, compared to the corresponding prior period.

The Group’s performance was driven by growth across its business lines – net gains on securities trading, net interest income and fees and commission income.