JMMB Group Reports Q1 Loss Due to Associate Company Impact, Amid Strong Core Business Performance

JMMB Group Limited recorded a net loss of J$686.4 million for its first quarter ended June 30, 2025, primarily due to a share of loss from its associate company, Sagicor Financial Company (SFC), which contributed J$251.4 million to the overall associate companies’ loss of J$290.3 million. Despite this, JMMB Group delivered strong core performance, with net operating revenue of J$7.49 billion—an increase of 32% over the prior year period—driven by growth across all major revenue lines.

The Group’s solid results were underpinned by net interest income of J$3.51 billion, up 30% year-over-year, and gains on securities trading of J$1.9 billion, reflecting a 46% increase. Foreign exchange margins rose by 69% to J$546 million, while fees and commissions income climbed 13% to J$1.41 billion. These gains contributed to an operating profit of J$739.9 million, a significant turnaround from the operating loss reported in the prior year. This performance was achieved despite the continued drag of the Government of Jamaica’s asset tax, which amounted to J$1.17 billion and was fully accounted for in the first quarter, distorting the Group’s profitability.

Jamaica remained the largest contributor to gross operating revenue (54%), followed by the Dominican Republic (21%), Trinidad and Tobago (15%), and Barbados (9%). The banking business line contributed 61% of Group operating revenue, or J$4.6 billion, while the investment business line accounted for 39%, or J$2.9 billion, reflecting strong gains from trading and FX margins. The Group’s off-balance sheet funds under management stood at J$242.2 billion, up from J$217.6 billion in the prior year, reflecting continued client confidence. Shareholders’ equity grew to J$60.1 billion, up 8% from March 2025, further strengthening the Group’s capital position.

Commenting on the Group’s financial performance, Patrick Ellis, JMMB Group CFO, stated, “This quarter’s results reflect the strength of our core operations and the disciplined execution of our Smart Growth Strategy. While the reported loss was driven by external factors, our underlying performance shows continued momentum across our business lines and markets. We remain focused on delivering long-term value to our stakeholders.”

Keith Duncan, JMMB Group CEO, added, “I am extremely proud of the resilience and commitment demonstrated by our team across the region, which has resulted in a strong core performance this quarter. I also want to express my heartfelt gratitude to our shareholders for their continued confidence, and to our clients for choosing JMMB as their trusted financial partner. These results affirm our strategic direction, and we remain optimistic about the future as we continue to build a resilient, diversified financial services Group that delivers sustainable growth.”

JMMB Group continues to invest in digital transformation, expand its regional footprint—including the recent opening of a new JMMB Bank branch in Tobago—and enhance its client value proposition.

With strong capital buffers and a clear strategic roadmap, the Group is well-positioned to navigate global uncertainties and seize new opportunities.