JMMB Group Reports J$2.08 Billion First Quarter Profit, Supported by Strong Core Revenue Growth

JMMB Group Limited (JMMBGL) recorded net profit attributable to shareholders of J$2.08 billion for the three months ended June 30, 2026, resulting in earnings per share of J$1.02. The performance was driven by growth in core recurring revenue streams, particularly net interest income, alongside a strong contribution from its strategic investment in Sagicor Financial Company (SFC). 

Against a backdrop of global uncertainty and challenging market conditions, the Group generated net operating revenue of J$7.68 billion, representing a 3% increase over the corresponding period last year. Revenue growth was led by a 20% increase in net interest income to J$4.21 billion, reflecting expansion in interest-earning assets, growth in the loan portfolio and disciplined funding cost management. Additionally, fees and commissions income increased by 9% to J$1.54 billion, reflecting sustained client activity across the Group's markets. 

The Group also recorded strong foreign exchange trading performance, with foreign exchange margins increasing 47% year over year to J$801 million, demonstrating the strength of its diversified business model and regional operations. 

Overall revenue growth was moderated by lower securities trading gains. The prior-year period was exceptionally strong, and market conditions were less favorable across key markets this quarter. Operating expenses also increased, reflecting strategic investments in technology, human capital and transformation initiatives across the Group.

Strong Core Business Line & Country Performance

JMMB Group's Banking and Related Services segment remained the largest contributor to operating revenue, generating J$5.21 billion, or approximately 68% of total operating revenue, representing growth of 13% year over year. The Financial and Related Services segment contributed J$2.44 billion, or 32% of operating revenue. 

The Group continued to benefit from its regional diversification, with Jamaica contributing 55% of gross operating revenue, followed by the Dominican Republic at 21%, Trinidad and Tobago at 15%, and Barbados at 9%. 

A major contributor to overall profitability was the Group's investment in SFC. During the quarter, JMMB Group recognized a share of profit from SFC, net of finance costs, of J$3 billion. This contribution reflects the underlying strength of Sagicor's business and underscores the strategic value of the Group's diversified business model. 

Strong Capital and Financial Position

The Group maintained a solid balance sheet during the quarter, with total assets increasing by 3% to J$783.5 billion. The loan portfolio grew by 4% to J$246 billion, while customer deposits increased by 3% to J$274.7 billion, reflecting continued client confidence and healthy business growth. 

Shareholders' equity increased by 5% to J$63.5 billion, supported by retained earnings and positive movements in investment revaluation reserves. 

The Group also continued to expand its fee-based business lines, with funds under management reaching approximately J$259.9 billion. 

Commenting on the results, Patrick Ellis, Chief Financial Officer, JMMB Group, stated, "Our first quarter’s performance reflects the continued strength of our core business and the benefits of our diversified regional model. Growth in net interest income, increased client activity and our strong capital position provide a solid foundation as we continue to advance our strategic priorities and drive long-term value creation."

Keith Duncan, Group Chief Executive Officer, added, "We are encouraged by the resilience demonstrated across our businesses during the quarter. Despite ongoing global uncertainty, our team members remained focused on serving our clients and executing our strategy. We remain confident in our ability to build on our momentum and deliver sustainable value for our stakeholders across the region."

Looking Ahead

While external conditions remain influenced by geopolitical and economic uncertainty, JMMB Group remains focused on strengthening operational efficiency, advancing its transformation initiatives and deepening client relationships across the region. Management expects continued growth in operating revenues and remains committed to delivering sustainable long-term value for shareholders and other stakeholders.