JMMB must be biting all its nails off in anticipation as it awaits approval for its bid to acquire the Capital and Credit Financial Group (CCFG) (who this story is really about).
CCFG has reported a net profit increase of 27 per cent, some J$364 million for the year ended December 2011 and it was no fluke.
The Group’s success is accredited to:
a) Its cost containment strategy (“a 6 per cent decline in non-interest expenses in 2011, amounting to approximately $1.2 billion compared to $1.3 billion in 2010”);
b) A 170 per cent growth in securities trading (to just over J$529 million from J$196 million in 2010, and
c) A 59 per cent increase in operating income (to J$805 million from J$507 million in 2010).
If you are seriously interested, we would advise you to check out the full story.