JavaScript is disabled in your web browser or browser is too old to support JavaScript. Today almost all web pages contain JavaScript, a scripting programming language that runs on visitor's web browser. It makes web pages functional for specific purposes and if disabled for some reason, the content or the functionality of the web page can be limited or unavailable.

Tuesday, March 18, 2025

JMMB’s profits fall for Q1 2021

by

Joel Julien
1337 days ago
20210719
JMMB Port-of-Spain

JMMB Port-of-Spain

ANISTO ALVES

Ja­maica Mon­ey Mar­ket Bro­kers (Trinidad and To­ba­go) Ltd has record­ed a prof­it of $6.7 mil­lion for the year end­ed March 31, 2021.

Prof­it for the com­par­a­tive pe­ri­od in 2020 was $16.7 mil­lion.

“In terms of fi­nan­cial per­for­mance, like many oth­ers in the in­dus­try, JMMB’s 2020/21 per­for­mance in T&T has shown a de­cline com­pared to pri­or years on ac­count of low­er rev­enues and high­er im­pair­ment loss­es in the com­mer­cial and re­tail bank­ing busi­ness line as well as our in­vest­ment and port­fo­lio man­age­ment op­er­a­tions,” its chair­man Archibald Camp­bell stat­ed.

“Notwith­stand­ing, I am ex­treme­ly pleased to re­port that our con­sumer fi­nance busi­ness through JMMB Ex­press Fi­nance (T&T) Ltd has record­ed ex­cep­tion­al growth and achieved a sig­nif­i­cant mile­stone of mov­ing in­to prof­itabil­i­ty af­ter just thir­ty months of op­er­at­ing,” Camp­bell said.

Giv­en the suc­cess of JMM Ex­press Fi­nance, Camp­bell said, the plan is to roll out this busi­ness mod­el across the re­gion.

“The pro­tract­ed COVID-19 pan­dem­ic has cast a shad­ow over the glob­al eco­nom­ic re­al­i­ties with the in­tense fo­cus cen­tred on pro­tect­ing hu­man lives above liveli­hoods,” he not­ed.

“Like many oth­er coun­tries in the re­gion, T&T’s ef­forts to curb the spread of the virus re­sult­ed in the clo­sure of its bor­ders lim­it­ing the flow of na­tion­al and non-na­tion­als from oth­er coun­tries as well as ex­tend­ed lock down pe­ri­ods dur­ing 2020, which im­pact­ed many non-es­sen­tial busi­ness­es and the lo­cal labour mar­ket,” JMMB’s Chair­man said.

Camp­bell re­vealed that JMMB trig­gered its Cri­sis Man­age­ment Plan ear­ly in the pan­dem­ic and this served the in­sti­tu­tion well in en­sur­ing con­ti­nu­ity in its day-to-day op­er­a­tions.

“JMMB’s client base has not been im­mune to the eco­nom­ic dis­lo­ca­tion and busi­ness in­er­tia re­sult­ing from the re­stric­tions im­posed and these pe­ri­ods of lock down. Hence, we of­fered and many of our clients ac­cept­ed pe­ri­ods of loan in­stal­ment de­fer­rals while oth­ers were forced to relook their busi­ness mod­els so as to piv­ot out of these dif­fi­cult times,” he said.

“I am proud to say that JMMB has con­tin­ued to sup­port our clients through this very try­ing pe­ri­od pro­vid­ing the fi­nan­cial eas­ing when re­quired and busi­ness ad­vice to help them weath­er the storm. This is a strong tes­ti­mo­ny to our part­ner­ship with our clients and our long-term com­mit­ments to the T&T fi­nan­cial sec­tor,” Camp­bell stat­ed.


Related articles

Sponsored

Weather

PORT OF SPAIN WEATHER

Sponsored