JMMB News

Regional integrated financial services provider, The JMMB Group, recorded J$3.63 billion in net profit for the six-month period ending September 30. Additionally, the Group posted net operating revenue of J$ 12.39 billion, which is an 8% decline, compared to prior year. The falloff in the Group’s financial performance for the period is attributable to challenging macro-economic conditions. 

Caribbean Information and Credit Rating Services Limited (CariCRIS), in a statement issued last month (September), upgraded JMMB Group Limited’s corporate credit ratings to CariA- (Regional Local Currency) and CariBBB+ (Regional Foreign Currency) and jmAA- (Local Currency Rating) and jmA+ (Foreign Currency Rating) on the Jamaica national scale. The national scale ratings indicate ‘high creditworthiness’ of JMMB Group compared to other obligors in Jamaica. While, on the regional scale ratings, JMMB Group has been assigned a ‘good level of creditworthiness’ in relation to other obligors in the Caribbean.

JMMB Holding Company, SRI and its parent JMMB Group Limited, on Thursday, July 28, received final regulatory approval for the purchase of 100% of the shares in Banco Múltiple Bell Bank, S.A. in the Dominican Republic, as well as merger of that entity with Banco Ahorro y Crédito, JMMB Bank, S.A., a savings and loan bank, acquired by JMMB Group in 2014.

The JMMB Group, during its end of year investor briefing on June 9, shared that its diversification strategy, across business lines, geographies and client segments, has resulted in it hitting its highest ever profit of J$12.02 billion, for the 2021/22 financial year, which represents a 56% jump year-over-year.