JMMB’s six month net profit rises 200.2% to J$1.37 billion

Jamaica Money Market Brokers Limited has released its unaudited results for the second quarter ended September 30, 2011. The JMMB Group has posted a net profit of J$1.37 billion and earnings per share of J$0.92 for the six months ended September 30, 2011. They remain pleased about the continued growth in profitability as the six month results have exceeded prior period results by J$910.5 million or 200.2%.

Net Interest Income continues to show significant improvement year-on-year moving from J$1.06 billion to J$1.63 billion, an increase of 53.8% as management continue to effectively manage its investment portfolio and costs of funds given the environment of declining interest rates. Gains from securities trading and other income through diversified business lines also reflected increases of 120.5% and 27.2% respectively, underpinning management’s continued commitment to building core revenues.

Other highlights

  • Earnings per Stock Unit of J$0.92, up $0.61
  • Dividend declared (including special dividend) of 20 cents per share
  • Net Interest Income up 53.8%
  • Operating Profit up 176.9%

Efficiency ratio improved to 44.9% from 66.4%

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