JMMB Group Delivers J$3.74B Profit, Signals Strong Earnings Momentum

JMMB Group Limited has reported a solid net profit of J$3.74 billion and J$25.2 billion in net operating revenue for the 2024/25 financial year, reflecting a 6% year-over-year growth, despite ongoing global economic headwinds and a high-interest rate environment. The Group shared these results at its 12th Annual General Meeting (AGM), where it reaffirmed its commitment to delivering sustainable value to shareholders and clients through its Smart Growth Strategy. This strategy emphasizes capital-efficient expansion, diversified income streams, and prudent risk management.

Earnings per share (EPS) stood at J$1.80 for the financial year, with projections indicating a steady upward trajectory in the periods ahead. This aligns with the Group’s forecasted minimum 20% annual increase in dividends over the next three years. The Group also announced that it paid J$488.9 million in dividends for the 2024/25 financial year and has proposed J$587 million for the 2025/26 financial year. Additionally, the repurchase of 1.33 million shares under its share buy-back programme signals strong confidence in the Group’s intrinsic value and long-term growth prospects.

Keith Duncan, CEO of JMMB Group Limited, expressed confidence in the Group’s future trajectory: “We are building resilience. We are here for the long haul. While there are challenges, we must keep our eyes on the prize and remain positive. Our Smart Growth Strategy has laid a strong foundation, and we are confident in our ability to deliver sustainable value to our clients and shareholders.”

The AGM also spotlighted the Group’s strategic imperatives, including the continued expansion of its banking, investment, and real estate business lines across Jamaica, Trinidad & Tobago, the Dominican Republic, and Barbados. Notably, JMMB Real Estate Holdings Ltd. is advancing two major commercial developments—Harbour Street and The Haughton—with construction expected to begin in Q4 of the 2025/26 financial year. These projects are designed to meet a developer’s profit hurdle rate of 15%, and will be financed through market-based partnerships, in alignment with the Group’s build-and-sell model.

JMMB Group Limited continues to champion reforms that promote a more equitable financial sector. A key concern is the Asset Tax, which has cost the Group J$9 billion to date, including J$1.16 billion in the first quarter of FY 2025/26 alone—more than double its expected dividend payout for the same period. The Group echoed the International Monetary Fund’s concerns that the tax, which is levied on assets rather than profits, distorts financial intermediation and disproportionately impacts long-term investors and pensioners.

In response to policy rate hikes between 2021 and 2024, JMMB Group Limited adopted a client-first approach by raising loan rates more gradually and reducing them swiftly as conditions improved. This strategy helped cushion clients from the full impact of tighter monetary policy, preserving affordability and supporting financial stability during a challenging economic period.

The Group also emphasized its ongoing engagement with regulators to address the rising complexity and cost of compliance, driven by over 100 new directives in the past decade. The Group advocates for a more measured pace of reform and a review of capital requirements and investment restrictions that limit diversification and increase risk. By tackling these structural inefficiencies, Jamaica can unlock greater private sector credit, lower borrowing costs, and stimulate broader economic growth.

Dr. Archibald Campbell, Chairman of JMMB Group, noted, “Our theme—Resilient. Empowered. Purpose-Driven —is not just a reflection of our performance, but a testament to our values. We remain committed to building a financial institution that empowers lives, uplifts communities, and delivers consistent value to all stakeholders.”

Looking ahead, the Group anticipates renewed momentum in regional capital markets, driven by declining interest rates and improved macroeconomic conditions. With a solid capital base of J$60.11 billion in stockholders’ equity, robust liquidity buffers, and a clear strategic vision, the Group is well-positioned to seize emerging opportunities and continue delivering on its purpose.