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JMMB POS

Jamaica Money Market Brokers has recorded a net profit of J$2.42 billion ($112 million) for the six months ended September 30, 2020.

This was a drop of J$380 million ($17.6 million) for the same period last year.

For the six month period ended September 30, 2019, JMMB recorded a net profit of $2.8 billion.

“JMMB has continued to deliver strong performance within the context of the COVID-19 pandemic. This solid performance is roughly in keeping with pre-COVID results of the comparable six-month end period in 2019, and demonstrates the Group’s resilience and the effective execution of our COVID- 19 response strategy,” a message from the group’s chief executive officer Keith Duncan stated.

“The Group’s strategic response to COVID-19 initially centred on protecting our clients and ensuring the sustainability of the JMMB Group during and post the pandemic,” he stated.

Duncan stated that all three countries of operation – Jamaica, Trinidad and Tobago and the Dominican Republic, immediately implemented a plan to manage potential short and medium term shocks to the Group’s client base, operations, capital, liquidity and expenses.

“The Group also remained focus on pursuing growth opportunities during the pandemic as well as embedding efficiency gains from the use of digital channels. This focus yielded positive results as the JMMB team across all three countries effectively executed our financial partnership strategy; deepening relationships with our existing clients and on boarding new clients during the period,” Duncan stated.