Jun 2011 Financial News

JMMB posts 16% rise in profit

Jun 01, 2011

THE Jamaica Money Market Brokers (JMMB) Group yesterday posted a 16 per cent rise net profit over year-earlier levels for its financial year ended March 31, 2011.

The financial group made $1.14 billion in net profit and $1.51 billion in operating profit.

JMMB's net interest income climbed by 32.4 per cent to $2.52 billion from J$1.90 billion, owing largely to "maintaining a strategy of proactive segment management of the Group's investment portfolio and cost of funds", according to a press statement issued by the company yesterday.

"Other operating revenues, namely gains from cambio trading, gains from securities trading and other income, also reflected increases of 46.5 per cent, 28.2 per cent and 32.4 per cent respectively, which was driven largely by increased volume activity," added the statement.

Increases in income streams were partially offset by a 24.7 per cent increase in staff costs to $1.26 billion and a 20.6 per cent increase in other expenses, which totalled $1.3 billion for the financial year that ended March 31, 2011.

"This was mainly attributable to a salary increase of 12.5 per cent and increase incentive payments totalling J$125 million paid to staff for their continued commitment to excellence," added the statement"

The company's efficiency ratio (administrative costs as a percentage of operating revenue) improved to 63.1 per cent from 67.8 per cent when compared to the corresponding period due to continued tight management of the company's expenses in relation to its revenues.


Source:
Jamaica Observer
Wednesday June 1, 2011

http://www.jamaicaobserver.com/business/JMMB-posts-16--rise-in-profit_8934022#ixzz1O1oRTXZd