JMMB Brings Commercial Banking to Fairview, Montego Bay
The JMMB Group yesterday (September 3), officially re-opened its upgraded integrated financial life goals centre (branch) location at Fairview, in Montego Bay. The newly-renovated location will now offer complete commercial banking services, specifically cash teller services, to complement the Group’s current suite of investments and insurance brokerage services.
Jerome Smalling, CEO of JMMB Bank, notes, “The build-out of commercial banking services at this location is in keeping with the holistic approach being taken by JMMB Group, to cater to the range of financial needs of its individual and business clients, so that they can achieve their goals. The JMMB Bank executive added, “This transition to a complete integrated financial life goals centre will also allow us to continue to maximize existing synergies and efficiencies across the Group, while offering a new way of financial partnership with clients, which is built on our core value of love.”
The expansion follows on the growth in the clientele being served at the existing JMMB Bank Church Street location and the increased economic activity taking place in western Jamaica. As a result, JMMB Group has sought to expand its offering, to both meet the growing needs of clients and facilitate the growth projected in that part of the country. JMMB Bank’s Church Street location will continue to provide commercial banking and money transfer services, to serve the needs of clients in the heart of the city.
Full commercial banking operations are also provided at five (5) other JMMB financial life goals centre locations, namely: Ocho Rios, Knutsford Boulevard, Mandeville, Haughton Avenue and Portmore.
Since entry into the commercial banking foray, a year ago, JMMB Bank has expanded its operations; established strategic partnerships with key stakeholders, such as car dealerships and the Realtors’ Association of Jamaica; grown its deposit and loan portfolios; introduced new offerings such as online corporate bulk upload to facilitate ease of payments for corporate clients; and bolstered its online banking platform – JMMB Moneyline – with additional features, to provide its clients with greater access and facilitate ease of transactions.
JMMB Bank’s Financial Performance
JMMB Bank closed the last financial year, ending March 31, 2018, with growth in net operating revenues of J$284.4 million or approximately 12%, moving from J$2.41 billion to J$2.69 billion, when compared to the prior period. Non-interest expenses saw an uptick, moving from J$1.43 billion to J$1.86 billion, as a result of the continued growth in this business line and build-out of commercial banking operations.. As a result, the Bank saw a decline in its profit after taxes, moving from J$850.8 Million to J$636.6 million.
The Bank however, maintained stable performance in its core business activities, recording a 39.1 % growth in net loans, moving from J$19.4 billion to J$26.9 billion, year-over-year. This strong performance resulted from growth in the wide range of borrowing solutions offered to both personal and business clients, including the small and medium enterprise (SME) sector. Even as JMMB Bank continues to grow its loan portfolio, it has maintained one of the lowest delinquency rates in the industry, with a 1.31% in non-performing loans to total loans, as at year end, March 2018. Additionally, JMMB Bank saw deposit growth of approximately 45.9% totalling J$9.77 billion. As the entity celebrates its first year in the commercial banking space, it has maintained credible performance during the first quarter of the new financial year.
The Way Forward for JMMB Bank
In sharing insight on the way forward for JMMB Bank, within the context of JMMB Group’s financial partnership approach, Smalling stated, “As a financial life goals centre, JMMB Bank is seeking to maintain an enjoyable client experience by reducing wait-time for clients, provide value-added services and continue to eliminate non-value added fees, while offering easy and convenient access to services, through our digital channels. Client satisfaction remains our top priority and we will continue to deliver on JMMB’s brand promise and where we see gaps, we will seek to put measures in place to ensure our clients receive exceptional service.” JMMB Bank is also eyeing the provision of automated teller machine (ATM) services across Jamaica, especially where JMMB Bank has no physical presence; in order to increase access to banking services.