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<p>JMMB Bank put in a sterling performance for the year ended March 31, 2019, which saw total revenues grow by J$1 billion on last year’s numbers.</p>
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<p>Net interest income and other revenue came in at $3.96 billion compared to $2.69 billion for the year ended March 31, 2018.</p>
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<p>This was driven in part by foreign exchange trading earnings of $963. 3 million and gains on sale of investments of $609.4 million.</p>
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<p>Net profit of $1.14 billion was recorded for the year under review, a significant increase on the $636.5 million recorded for the prior year.</p>
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<p>Total non-interest expenses rose to $2.52 billion compared&nbsp;to $1.85 billion for the year ended 2018. JMMB saw its staff costs creep up to $1.2 billion with impairment losses on financial instruments increasing to $173.5 million, as a result of accounting requirements for IFRS 9.</p>
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<p>Headquartered in Kingston, JMMB managed to reduce its marketing and corporate affairs spend to $40.8 million as well as curtailed professional fees by over half of last year’s figure of $111 million.</p>
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<p>JMMB Bank’s loans portfolio increased by 25.84%, moving from $26.89 billion to $33.83 billion resulting in improved market share.</p>
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<figure class="wp-block-image"><img src="https://buzz-caribbean.com/app/uploads/2019/08/jmmb-keith-duncan-buzz-1024x682.jpg" alt="" class="wp-image-3017" /><figcaption> JMMB Group CEO Keith Duncan (BUZZ Photo, Don Waysome)</figcaption></figure>
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<p>Its total Shareholders’ Equity increased by $573.5 million and is currently at $8.63 billion, up from $8.06 billion at the end of the prior financial year.</p>
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<p>Earnings per share(EPS) for the year under review stood at $1.78, an 80% increase when compared to 99 cents in the prior year. EPS&nbsp; is based on profit after tax and the weighted average number of shares in issue ($641,159, 682 million).</p>
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<p>Speaking with <strong>BUZZ</strong>, JMMB Group CEO Keith Duncan said: &nbsp;“We are pleased with these numbers and we continue to focus on core business. The improving macro-economic and financial environment in Jamaica continues to help our operations.</p>
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<p>“Loans have grown by 25% bolstering our banking business and we have been able to leverage our client base. We have consolidated across the region and acquired new entities and opened up new business lines. </p>
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<figure class="wp-block-image"><img src="https://buzz-caribbean.com/app/uploads/2019/08/jmmb-keith-duncan-buzz-2-1024x683.jpg" alt="" class="wp-image-3018" /><figcaption> JMMB Group CEO Keith Duncan (BUZZ Photo, Don Waysome)</figcaption></figure>
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<p>"In the Dominican Republic, we have established both mutual funds and pension fund administration. In Trinidad, we have established a consumer finance arm and now have four branches in Trinidad and one in Tobago," Duncan told <strong>BUZZ</strong>. </p>
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