JMMB Group reports $1.87B profit

JMMB Group Limited (JMMBGL) has reported a net profit of J$1.87 billion for the financial year ended March 31, 2026, underpinned by strong growth across its core business lines, despite the impact of market volatility on associate contributions.

The Group delivered robust underlying performance, with net operating revenue increasing by 15% to J$29.1 billion, up from J$25.2 billion in the prior year. This growth was primarily driven by a 31% increase in net interest income to J$14.8 billion, supported by expansion in the loan portfolio and improved funding efficiency. 

Additionally, the Group recorded strong gains in foreign exchange trading, alongside continued growth in fee-based income, reflecting the strength of its diversified revenue streams and regional operations. While revenue growth remained strong, net profit declined year-over-year from J$3.74 billion, largely due to lower gains from securities trading, reduced one-off gains, and a decline in the share of profit from associates, primarily linked to market volatility. 

Positive Turnaround in Core Business Performance

Importantly, across its core business, revenue growth outpaced the increase in operating expenses, which rose by 5% year over year. This reflects continued focus on cost discipline, operational efficiency, and improved operating leverage across the Group.

As a result, operating earnings net of impairment losses improved significantly, representing a turnaround of approximately J$2.9 billion compared to the prior year. This performance reflects the successful execution of the Group’s “Smart Growth” strategy, which remains focused on sustainable revenue expansion, disciplined expense management, and operational effectiveness.

JMMB Group’s balance sheet remained strong during the financial year, with total assets increasing by 8% to J$761.6 billion, driven primarily by growth in loans and investment securities. The loan portfolio expanded by 9% to J$236.4 billion, reflecting continued demand across the Group’s banking segment, while customer deposits grew by 18% to J$267.8 billion, highlighting deepening client relationships and sustained confidence in the Group’s financial strength. 

Shareholders’ equity also increased by 8% to J$60.3 billion, further reinforcing the Group’s solid capital position. In addition, off-balance sheet assets continued to expand, with managed funds growing by approximately 13% to J$242.7 billion, underscoring the Group’s success in scaling its capital-light, fee-based business lines. 

The Group’s results were impacted by reduced contributions from its associate, Sagicor Financial Company (SFC), primarily due to adverse market movements affecting asset valuations. Despite this, SFC’s underlying business performance remains sound, and it continues to represent a strategically important investment for JMMB Group, supported by strong fundamentals and long-term growth potential. 

Commenting on the results, Patrick Ellis, Chief Financial Officer, JMMB Group, stated, “Our results reflect strong underlying performance across our core operations, driven by growth in net interest income, increased foreign exchange activity and the continued expansion of our fee-based income streams. Importantly, we have improved our operating efficiency, strengthened our balance sheet and enhanced our cash generation, positioning the Group for sustainable long-term growth.”

Keith Duncan, Group Chief Executive Officer, added, “We are encouraged by the strength and resilience of our core business, particularly in the context of a shifting market environment. Despite the impact of market volatility on associate contributions, our performance underscores the effectiveness of our diversified regional model and our Smart Growth strategy. I want to thank our team members across the region for their dedication, our clients for their continued trust, and our shareholders for their confidence. As we look ahead, we remain focused on disciplined execution, deepening client relationships and delivering sustainable value over the long-term.”

Looking Ahead

The Group anticipates external conditions, including evolving global market dynamics and policy uncertainty, to continue shaping the operating environment.

Against this backdrop, the Group remains focused on strengthening its operational efficiency, enhancing productivity and maintaining disciplined capital and liquidity management, while continuing to expand its diversified and sustainable revenue streams. 

With a strengthened balance sheet, improved earnings quality and a resilient business model, JMMB Group is well-positioned to navigate evolving market conditions and continue delivering long-term value for its stakeholders.