JMMB reports 7% inrease in year end net profit attributable to the shareholders

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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2019-06-06T16:03:47+00:00