Nov 2011 Financial News

JMMB reports $1.3b half-year profit

Nov 17, 2011

Jamaica Money Market Brokers (JMMB) has reported net profit of J$1.3 billion for the first six months of its financial year up to September 2011, more than triple the J$454.7 million recorded for the comparative period last year.

"Management is indeed pleased with the continued growth in profitability, as the six-month results have exceeded prior period results by J$910.5 million, or 200.2 per cent," the company said at the release of its half-year financial report.

Net interest income reflected year-on-year improvement to J$1.63 billion from J$1.06 billion, an increase of 53.8 per cent. The company's profit performance traces back to improved interest margins and a doubling of securities trading income, which rocketed from J$536 million to J$1.18 billion.

JMMB said efforts continued to diversify revenue streams and build fee income.

"The management team of the group remains committed to building core revenues, as can be seen in increases in gains from securities trading and other income from diversified business lines - pensions and JMMB Insurance Brokers - which reflected increases of 120.5 per cent and 27.2 per cent, respectively," the company said.


Source:
sabrina.gordon@gleanerjm.com
Jamaica Gleaner
Thursday November 17, 2011

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