JMMB records J$11.8b in profits

JMMB Group Ltd recorded profits of J$11.8 billion (US$75.1 million) for the financial year ending March 31.

The financial results marked an increase in profits as compared to the same period in 2023, when it recorded J$689.5 million.

JMMB’s limited annual report, published on the TT Stock Exchange's website on August 19, said it garnered revenue to the tune of J$22.3 billion for this financial year as compared to J$23.3 billion for the same period in 2023. It recorded a profit before tax of J$7.3 billion for 2024, as compared to a loss of J$957 million for the same period in 2023.

Group chairman Archibald Campbell said in his report the group’s financial results reinforces its confidence in the company’s diversification strategy.

“Our carefully developed mix of complementary businesses and investments remains a key competitive advantage. It provides us with crucial 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.

JMMB expanded its regional footprint into Barbados in October last year, meaning that the bank now operates in four countries in the Caribbean.

Campbell said the team at the bank continued to work on centralisation, standardisation and digitisation of its processes, systems and technology. It also continued its digital strategy by launching its mobile app.

“This solution was designed to provide clients with efficient, convenient, and secure access to our services, which is in alignment with our client value proposition of providing a seamless multi-channel experience,” Campbell said.

He said the company will continue to leverage its shared services model over the next year.

“Overall, the core operations of the JMMB Group remain robust, and the group expects to see growth in its key business lines, banking, and investments, in the medium and long term.”