Financial Services

Recent Items about: Financial Services

National Commercial Bank Nets J$8.6b For The 9 Months Ending June 2015. Declares J$0.45 Dividend

National Commercial Bank

National Commercial Bank Jamaica Ltd is reporting net profit of J$8.6 billion for the nine months ended June 30, 2015, compared to a restated net profit of $9.0 billion for the prior year. Without one off asset tax expenses, the net profit would have been J$9.0 billion compared to J$8.8 billion in the prior year (2014).

For the 3 months ended June 2015 they are reporting net profit of J$2.9 billion and this was 13% or J$445 million lower than the pro forma normalised net profit for the prior three months ended March 31, 2015 of J$3.3 billion. This was also 1% or $29 million below the previously reported net profit for the three months ended June 30, 2014 of J$2.9 billion. Continue Reading


JMMB Goes To The Bank. Raises J$2.2 Billion In Private Placement

Jamaica Money Market Brokers Limited has gone fund raising again. This time they have raised US$20.0 million or J$2.24 billion* through the issue and private placement of unsecured extendible notes denominated in United States dollars.

This will definitely help to boost their funding (along with the preference share funds and other debt obligations), and since they now have their own commercial bank in Trinidad and all those glorious expansion dreams, who to tell what they be using all that extra cash to buy!  Continue Reading

Funding & Private Placement

Market Update: Scotia Promotes Hugh Wayne Powell To Oversee Caribbean Retail & Small Business Portfolios

Scotia Group Jamaica Limited today advised the stock market that that Mr. Hugh Wayne Powell, Executive Vice President, Retail Banking has been appointed to the position of Head of Retail Delivery, English Caribbean Region, with The Bank of Nova Scotia, Toronto, Canada effective February 18, 2014. Mr. Powell will be responsible for the growth and profitability of the Retail and Small Business portfolios managed through eighteen countries within the English Caribbean Region.

Jamaica Stock Exchange Welcomes BCW As 12th Member Dealer

On Monday, December 16, 2013, The Jamaica Stock Exchange welcomed BCW Capital as the second broker member to have been approved to commence trading activities in 2013. As a member dealer, BCW Capital is authorized to trade securities on the market as well as assist companies to list their securities on the Exchange. Continue Reading

Business Strategy

I Bought The JMMB 7.25% Or 7.50% Preference Shares. Now What?

JMMB Preference Shares A Big Hit With Investors
The JMMB preference share public offerings seem to be a big hit with investors. At least 2 friends have questioned me about it, and I know that there are a lot more out there. The preference share offers have become a big win for investors and an almost guaranteed funding source for the company. With the continued growth, strong leadership, acquisitions and expansion of the JMMB Group, they have definitely made a name for themselves; and when you add their preference share promotional machinery to the mix then you realize how hard it is to ignore their offers. Continue Reading

e-Update, Investing

JMMB Still Solid. Overseas Performance Boosts Profit

JAMAICA Money Market Group’s (JMMB’s) operations in the Dominican Republic saw its operating profit increase more than tenfold. Gains on securities trading was the main reason behind an increase in earnings from $33.6 million during the three months to June 30, 2012, to $390 million in the corresponding quarter this year (June 2013). Continue Reading

Earnings, News Ticker

Berisford Grey Back At CIBC, But This Time In A Bigger Role

Earlier this year we reported that Scotia Investments was loosing its heavy weight dealmaker Berisford Grey. Now it is official that he is back ‘home’, where he was, before he came to Scotia Investments in 2011.

The Jamaica Observer is reporting that ‘CIBC First Caribbean confirmed that Grey started this Monday in Jamaica as executive director of investment banking. His remit will span the English and Dutch speaking Caribbean.’ Continue Reading

Management & Movements

Over 11,000 Pawn Shops In The US, With Average Loan Size Of US$150

Continued Growth in the Pawn Industry. Loan Size Up 88% To US$150 Since 2008

In Michigan and many other states, pawn customers pay a maximum interest rate of 3 percent per month. Of course, a 3 percent interest rate works out to a 36 percent annual rate. A typical rate can be much higher in unregulated states — about 10 percent for a 30-day loan, according to National Pawnbrokers Association spokesman Emmett Murphy.

Continue Reading

Business Insight