JMMB earns J$2.1b in profits for quarter

A turnaround in the performance of Sagicor Financial Company contributed to JMMB delivering a net profit after tax of J$696 million (US$4.4 million).

The company, in its financial highlights for the six-month period ending in September 2024, said the profits came off the heels of a J$1.47 billion (US$930.5 million) loss in the first quarter of the year.

Group CEO Keith P Duncan said the strategic investment in Sagicor Financial Company was part of the group’s diversification strategy.

Sagicor, in this quarter, contributed J$720 million in share of profit to the group, coming off a loss in the first quarter.

JMMB has a 23.84 per cent stake in Sagicor.

The report said the announcement by the Bank of Jamaica in August of a 25-basis point reduction in interest rates and similar reductions in the Dominican Republic was a welcome change from the sustained higher rates in previous periods.

"This and the outlook for further rate cuts will augur well for the group as we remain steadfast in our commitment to delivering sustainable value to our stakeholders," the report said.

Duncan said the group continues to remain robust, maintaining adequate regulatory capital requirements for each operating territory and entity to ensure the sustainability of the business.

In September, the regional credit rating agency CariCris reaffirmed JMMBGL's positive credit ratings.

"Our diversified business model continues to be our winning strategy along with the strategic execution of our smart growth initiatives, which are delivering the results needed towards achieving our strategic goals," said Duncan.

In TT, Duncan said the group continues to expand its client reach with the recent opening of a new JMMB Bank branch in Princess Town and opening of a JMMB Express Finance (JEF) branch in San Juan, "bringing easy solutions to the east-west corridor.