June 06, 2019
JMMB Group Limited (JMMBGL) for the year ended March 31, 2019, recorded net interest income of 8.84 billion, an 14% increase when compared with $7.74 billion recorded for the corresponding period in 2018. Interest income for the year amounted to $17.58 billion compared to $15.88 billion reported in 2018. Interest expenses increased 7% to total $8.75 billion relative to the $8.14 billion recorded for the same period in 2018. Net interest income for the quarter amounted to $2.16 billion, a 4% increase when compared with the $2.08 billion recorded for the same period in 2018.
Fees and commission income for the year amounted to $1.43 billion, an improvement of 20% on the $1.19 million recorded the prior year. Net gains from securities trading showed a decline of 15%, to total $4.10 billion (2018: $4.82 billion).
Dividend income for the year advanced 132% to close at $54.85 million relative to $23.68 million recorded for the same period in 2018. Foreign exchange margins from cambio trading advanced 78%, totalling $2.40 billion (2018: $1.35 billion).
Operating expenses amounted to $12.99 billion (2018: $11.24 billion), a growth of 16% which led to an operating profit of $5.15 billion, an increase of 10% when compared to the $4.69 billion booked the year prior. Of operating expenses:
Staff costs recorded an 18% growth to $7.13 billion (2018: $6.02 billion), while other expenses closed at $5.86 billion (2018: $5.22 billion).
JMMBGL recorded an impairment loss on financial assets of $278.62 million (2017: $143.98 million). As such, JMMBGL recorded a profit before taxation amount of $4.87 billion, a 7% increase over the $4.55 billion recorded for the corresponding period in 2018. Taxation for the period amounted to $1 billion a 34% increase compared with the $748.59 million recorded in 2018.
Consequently, JMMBGL booked a 2% increase in net profit for the year to total $3.87 billion compared to $3.80 billion reported for t2018. Net profit for the quarter amounted to $849.64 million a 16% decline relative to the $1.22 billion reported for the same quarter of 2018.
Net profit attributable to the shareholders of the company totalled $3.82 billion relative to $3.56 billion in 2018, a 7% increase year over year. For the quarter, JMMBGL booked net profit attributable to shareholders of $847.31 million relative to $1.01 billion reported for the corresponding quarter of 2018. JMMBGL posted total comprehensive income attributed to shareholders of $3.38 billion, up from the $2.71 billion posted in 2018.
As a result, earnings per share (EPS) for the financial year amounted to $2.34 (2018: $2.18), while EPS for the quarter amounted to $0.52 (2018: $0.62). The number of shares used in the calculations amounted to 1,630,552,530 units. Notably, JMMBGL’s stock price closed trading on June 05, 2019 at $32.97
Balance Sheet at a glance:
Total assets as at March 31, 2019 amounted to $320.04 billion relative to $291.72 billion in 2018. The movement was due to a 22% growth in loans and notes receivables which closed at $67.95 billion (2018: $55.63 billion). Cash and cash equivalents and other receivables also contributed to the increase in the asset base to close at $30.73 billion (2018: $27.84 billion) and $5.31 billion (2018: $2.06 billion).
Shareholders ‘equity totalled $30.07 billion (2018: $27.91 billion). As a result, book value per share stood at $18.44 (2018: $17.12).
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