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.