The JMMB Group Ltd has recorded a net profit of J$1.93 billion–up 148 per cent and earnings per share of J$0.88 for the three months ended June 30, 2021.
The group also recorded net operating revenue of J$6.86 billion, up 37 per cent and net interest income of J$2.86 billion, which was up 18 per cent.
Operating profit was J$1.90 billion, also up 70 per cent.
JMMB noted that its level of profitability was due in part to its 22.85 per cent stake in Sagicor Financial Corporation (SFC) which contributed J$319 million for the quarter.
The group said it continued on its growth trajectory even though its operating environment is still adversely impacted by the pandemic.
It also added that it remained confident in both the short and long-term value of this acquisition as it aligns with its inorganic growth strategy and will continue to positively impact profitability and in turn, accrue benefits to shareholders.
JMMB said it is also cognizant that after the pandemic ends, there will be a “new normal,” adding that it will continue to build the infrastructure required to ensure that it emerges even stronger.
As a consequence, the group explained it will continue to focus on its clients with their best interest at heart.
“Thus, we remain committed to continuously evolve our financial solutions, processes and services to ensure that we continue to provide the exceptional client experience that we are known for,” it added.
JMMB also noted that a key pillar of this enhanced client experience will be its digital offerings to ensure client partnership can be facilitated in a seamless, integrated and convenient manner.
However, it said for the upcoming quarter, it expects uncertainty to persist in the financial space, especially as there are new COVID-19 variants being discovered and vaccine hesitancy prevails.
Nevertheless, JMMB assured that it will continue to execute its strategic imperatives to ensure maximised value for shareholder.
