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.