Regional integrated financial services provider, the JMMB Group, recorded a net profit of $1.9 billion for the six-month period ending September 2023.
In a release to the media, the group disclosed that it also posted operating revenue of almost $12 billion, a 6 per cent decline year-over-year.
JMMB Group chief financial officer, Patrick Ellis, says the company’s performance was largely impacted by the macroeconomic environment, which he says has been characterised by high interest rates and a lacklustre bond market.
Mr. Ellis says while the group’s investment business line was adversely affected due to these conditions, he’s underscoring that the company is adequately capitalised as a result of the success of its diversification strategy.
The group’s banking and related services saw a 8 per cent growth, amounting to $6.9 billion over the period, or 59 per cent of the total net revenue.
Additionally, there was improved performance in its other geographic markets as a result of the more accommodating economic environment in those markets.
Trinidad and Tobago contributed 16 per cent to the group’s profitability, and the Dominican Republic contributed 28 per cent.
In the meantime, JMMB Group CEO, Keith Duncan, noted that although the current economic climate remains challenging for all players in the financial sector, the group has maintained credible performance, which is a testament to the company’s resilience and solid diversification model.
The group is looking to roll out new solutions with a focus on payments and other digital solutions, based on their capital efficiency and the value-added that they will provide to clients.
These solutions complement other recently launched solutions, namely the JMMB Money Transfer Visa Prepaid card, which was introduced in September, and digital assistant Johanna, which is now live on the JMMB Group-Jamaica website.