JMMB Group Highlights Resilience, Transformation and Shareholder Value at 2026 AGM

JMMB Group Limited highlighted its resilience, transformation agenda and commitment to sustainable growth at its 2026 Annual General Meeting (AGM), demonstrating how the Group has continued to strengthen its business while navigating a series of global and regional economic shocks over the past five years. Held under the theme, “Resilience with Purpose, Guided by Love,” the AGM reflected on the Group's 34-year journey, celebrated the progress achieved across its regional operations, and outlined a clear roadmap for future growth.

Growth Through Resilience

Over its 34-year history, JMMB Group has evolved from a single-market institution into one of the Caribbean's leading financial services groups, serving approximately 569,000 clients across Jamaica, Trinidad and Tobago, the Dominican Republic and Barbados. Today, the Group manages J$872.7 billion in client funds, holds J$761.6 billion in total assets, and ranks as Jamaica's third-largest financial group by asset size.

Keith Duncan, Group CEO of JMMB Group, emphasized that the Group's focus remains on creating sustainable value through stronger operating performance, disciplined execution and continued growth across its regional business platform. “We have come a long way in 34 years, from a single-market institution to a diversified regional Group with a strong foundation and significant potential ahead,” said Duncan. “Now, we are transforming how we operate, raising productivity, strengthening efficiency and unlocking the full potential of JMMB to create sustainable, long-term value for our shareholders.”

Strong Performance in a Challenging Environment

For the financial year ended March 31, 2026, JMMB Group reported net operating revenue of J$29.1 billion, a 15% increase over the prior year, driven primarily by a 31% increase in net interest income. Operating profit rose significantly to J$4.1 billion, reflecting continued progress in strengthening the quality of the Group's earnings and growing resilient revenue streams. The Group also reported a positive start to the 2026/27 financial year, delivering net profit of J$2.08 billion for the quarter ended June 30, 2026.

The AGM highlighted the success of the Group's diversification strategy, with approximately 46% of gross revenue now generated outside Jamaica and banking contributing 67% of operating revenue. Management also pointed to the growth of JMMB Express Finance in Trinidad and Tobago as a strong example of diversification in action, with the business serving more than 13,000 active client accounts and delivering J$438.5 million in profit after tax during FY2025/26.

Enhancing Shareholder Value

The AGM also provided shareholders with additional context regarding the value embedded within the Group. Management highlighted that JMMB Group's book value per share stood at approximately J$31.23 at June 30, 2026, compared with a market price of J$20.43 at September 28, 2026. The presentation noted that this valuation exists within the context of a broader market environment that has seen the Jamaica Stock Exchange Financial Index decline by approximately 31% over the past five years, largely due to elevated interest rates, reduced market liquidity and cautious investor sentiment. Despite these market conditions, JMMB has continued to strengthen its operating performance, expand its earnings base and increase its book value per share, underscoring the strength of the underlying business.

The AGM also highlighted the Group's continued commitment to increasing shareholder returns. Dividends paid for FY2025/26 increased by 60% to 40 cents per share, compared with 25 cents per share in each of the previous two financial years. The first dividend payment for FY2026/27 was 17% higher than the payment made at the same stage in the prior year, reflecting the Group's focus on delivering sustainable and growing returns to shareholders over time.

Transformation for Sustainable Growth

A major focus of this year's AGM was the Group's multi-year transformation programme, which is designed to improve operational efficiency, strengthen the client experience, modernize technology infrastructure and support sustainable long-term growth. The initiative is centered on creating “One Group. One Client. One Experience.” while leveraging technology, data and artificial intelligence to simplify processes and increase productivity across the organization.

Tushar Rao, Group Chief Transformation Officer, explained that the transformation programme is focused on strengthening the Group's foundations while building the capabilities needed to compete and grow in a rapidly evolving marketplace. “This is not about fixing something broken. It is about improving how we operate, simplifying complexity, enhancing productivity and creating a stronger platform from which we can serve clients and generate greater value over time.”

Rosalee Gordon, Group Chief Operating Officer, emphasized that transforming the Group's operating model will be critical to unlocking future efficiencies and shareholder value. “Our focus is on creating a simpler, smarter and more scalable organization. By redesigning processes, leveraging technology and improving productivity, we are building an operating model that supports sustainable growth while improving the experience for both clients and team members.”

Management also highlighted that JMMB Group's transformation programme is designed not only to improve client experience and operational efficiency, but ultimately to enhance earnings quality, improve return on equity, support earnings per share growth and strengthen the Group's capacity to deliver sustainable shareholder returns over time.

The Group also highlighted several investments aimed at enhancing client convenience and accessibility, including the opening of its first Digital Branch in Liguanea, expanded digital onboarding capabilities, enhancements to the JMMB Moneyline app, and plans to introduce credit cards and expanded merchant payment solutions.

Investment in Sagicor Financial Corporation (SFC) Creating Long-Term Value

Management also provided shareholders with additional context regarding recent commentary suggesting that JMMB Group's stake in SFC is worth more than JMMB Group itself. The AGM highlighted that such comparisons are often based on market capitalization and do not present the full picture, as the value of the investment must be considered net of the debt used to acquire it.

Management noted that the carrying value of the SFC investment stood at approximately J$47 billion at March 31, 2026. After accounting for acquisition-related debt of approximately J$25.6 billion, the investment represents net value of approximately J$21.4 billion to the Group. This compares with JMMB Group's total stockholders' equity of approximately J$60.3 billion at March 31, 2026, underscoring that while Sagicor remains a valuable strategic investment with significant embedded value, it represents one part of a much larger and diversified regional financial services group.

The AGM further highlighted that while reported earnings can fluctuate due to accounting-driven market experience gains and losses, SFC continues to generate positive core earnings and remains accretive to JMMB over the long term. Since acquisition, JMMB's share of profit from the investment has totaled approximately J$28.2 billion, while the Group has received approximately J$6.5 billion in dividends.

Balancing Growth and Taxation

JMMB Group renewed its call for continued dialogue around the impact of the asset tax on financial institutions and their shareholders. Since its introduction, the Group has paid approximately J$10 billion in asset tax, compared with approximately J$9 billion in cumulative dividends paid to shareholders over the same period. Management noted that the tax continues to have a significant impact on shareholder returns while increasing the overall cost of financial intermediation. The Group reiterated its commitment to increasing dividends over time while maintaining strong capital and liquidity levels to support future growth.

Strong Future Outlook

Looking ahead, JMMB Group will remain focused on growing core revenues, improving operational efficiency, maintaining strong capital and liquidity levels, increasing shareholder returns, and continuing to put clients and team members at the heart of its business.

Dr. Archibald Campbell, Chairman of JMMB Group, noted that the AGM theme reflects both the Group's journey and its aspirations for the future. “Resilience with Purpose, Guided by Love is more than a theme. It reflects who we are as an organization and how we continue to serve our clients, support our communities and create value for our shareholders. As we look ahead, we remain committed to building a stronger, more impactful institution for generations to come.”

As JMMB Group advances its transformation agenda, it remains focused on delivering sustainable growth, deepening client relationships and creating lasting value for all stakeholders.