Jun 2012 Financial News

JMMB hits record profits

Jun 04, 2012

Jamaica Money Market Brokers (JMMB), which just last week submitted a formal offer for the acquisition of Capital & Credit Financial Group (CCFG), has posted the highest annual profits in its 20-year history.

JMMB Group reported that net profits almost doubled to $2.2 billion for the year ending March 31, 2012. The company attributed its performance to a number of moves which diversified business lines across the region, including offering a number of new financial planning services in its Jamaican operations and the opening of a new branch in Trinidad & Tobago.

"Our team remains focused on identifying and successfully pursuing market opportunities," said JMMB Group CEO Keith Duncan. "As well as catering to our clients' growing needs by designing and providing relevant financial solutions."

JMMB received approval earlier this year to commence its plans for acquiring CCFG. That transaction is set to close in mid-June, after last week's formal proposition of a deal which would see JMMB buying 70 per cent of CCFG's shares at $4.55 each, and acquiring the rest through a share swap.

JMMB has said that after having achieved the desired take-up by CCFG shareholders, who together account for over 81 percent of the latter's issued ordinary capital share, payment should be made by the end of the month.

Other growth for JMMB over the year included net interest income, which increased by 40.5 per cent to $3.5 billion, as well as other operating revenues which jumped by over 55 per cent from the previous year's $4.1 billion.

Operating expenses also grew to $3.2 billion from $2.6 billion, but the company's reported efficiency ratio improved on its previous 63.1 percent to 53.6 percent.

Earnings per share stood at $1.51 at the end of March, a booming increase on the $0.76 shown in the financial statements for the preceding year.


Source:
Ishena Robinson
Jamaica Observer
Sunday June 3, 2012

http://www.jamaicaobserver.com/business/JMMB-hits-record-profits_11585373#ixzz1wquhkclh