The event featured Keith Duncan, CEO of JMMB Group, who provided valuable insights into the Group's operations and strategic direction.
Keith Duncan, an esteemed financial expert with over 35 years of experience, highlighted the significant milestones achieved by JMMB Group. Despite facing challenges in the current high-interest-rate environment, the Group demonstrated resilience and adaptability, posting remarkable results for the nine months ended December 2023.
Key financial highlights shared during the forum include gross revenues increasing by 13% to $40.9 billion, while net interest income experienced a decline of 24% to $6.4 billion, attributed to the high-interest-rate regime. Fees and commissions decreased by 10% to $3.9 billion. Notably, gains on trading surged by 43% to $5 billion, showcasing the Company's trading prowess. Despite a decrease in total operating revenues by 7% to $17.6 billion, the share of profits associated with its strategic investments, particularly in SFC, saw a significant increase to $16.2 billion. The Group reported a net profit of $16.99 billion for the nine-month period, with total comprehensive income reaching $24 billion.
Moreover, JMMB Group demonstrated robust asset growth, with total assets increasing by 14% to $726 billion. Shareholders' equity witnessed a remarkable surge of 52% to $71 billion, primarily driven by strategic acquisitions and investments.
"The overwhelming success of our financial performance underscores the strength of JMMB's business model and the dedication of our team to delivering excellence in everything we do," remarked Duncan. "As we continue to expand our footprint and enhance our service offerings, we remain steadfast in our mission to empower individuals and communities to achieve their financial aspirations," Duncan disclosed.
Duncan also addressed the Group's expansion strategy, including its recent entry into the Barbados market, signalling growth opportunities beyond its current footprint.
In navigating the high-interest-rate environment, JMMB Group has implemented smart growth strategies, focusing on optimising its funding mix and prioritising the banking portfolio. The Group remains committed to delivering sustainable earnings while mitigating volatility.
Dan Theoc, Senior Vice President of Investment Banking at Mayberry, commended JMMB's strategic direction and collaborative efforts in fostering growth opportunities. He emphasised the significance of private sector partnerships in supporting infrastructure projects and driving economic development. Theoc remarked, "JMMB's strategic initiatives and collaborative approach exemplify the spirit of innovation and excellence in the financial services sector, driving sustainable growth and prosperity across the region."
The forum underscored JMMB Group's commitment to driving financial inclusion, resilience, and innovation in the Caribbean region. With a solid track record and a forward-thinking approach, JMMB Group continues to set the standard for excellence in the financial services industry.
