February 15, 2023
JMMB Group Limited (JMMBGL)
For the nine months ended December 31, 2022:
JMMB Group Limited (JMMBGL) for the nine months ended December 31, 2022, booked net interest income of $8.44 billion (2021: $8.98 billion), a decline of 6% year over year. For the quarter, it declined 13% to close at $2.74 billion (2021: $3.15 billion). Of the nine-month net interest income:
- Interest income increased 25% to $25.79 billion (2021: $20.66 billion)
- Interest expense increased 49% to $17.35 billion (2021: $11.68 billion)
Fees and commission income for the period amounted to $4.32 billion (2021: $3.73 billion), a 16% increase year over year. Foreign exchange margins from cambio trading recorded a 24% increase to $2.47 billion (2021: $2 billion), while net gains from securities trading showed a 51% decline to $3.5 billion (2021: $7.15 billion). Dividend income increased 53% to $177.06 million (2021: $115.63 million).
Operating revenue net of interest expense declined 14% to $18.90 billion (2021: $21.98 billion). For the quarter, it declined 24% to $6.50 billion (2021: $8.51 billion).
JMMBGL recorded an impairment loss on financial assets of $1.44 billion (2021: $761.14 million), 89% uptick year over year.
Operating expenses increased 11% to $14.68 billion (2021: $13.24 billion), which led to an operating profit of $2.78 billion (2021: $7.98 billion), a 65% decline year over year.
Share of profit from associates rose 4% year over year to $2.16 billion, (2021: $2.08 billion). As such, the JMMBGL booked profit before taxation of $4.96 billion (2021: $10.07 billion), 51% less year over year.
Following taxes of $197.57 million (2021: $1.25 billion), net profit declined 46% to $4.76 billion (2021: $8.82 billion). For the quarter, net profit totaled $1.14 billion (2021: $3.33 billion), 66% less year over year.
Net profit attributable to the shareholders of the company totaled $4.53 billion (2021: $8.28 billion), a 45% decline year over year. For the quarter, it totalled $1.06 billion (2021: $3.15 billion), a 66% decline year over year.
Total comprehensive loss attributable to shareholders amounted to $6.51 billion (2021: TCI of $5.57 billion). For the quarter, it amounted to $1.66 billion (2021: loss of $986.46 million).
As a result, earnings per share (EPS) for the nine months amounted to $2.31 (2021: $4.23), while the EPS for the quarter was $0.54 (2021: $1.61). The twelve-month trailing EPS amounted to $3.93 where the number of shares used in the calculations amounted to 1,955,552,532 units. Notably, JMMBGL’s stock price closed trading on February 15, 2022 at $30.38 with a corresponding P/E of 7.73 times.
Balance Sheet at a glance:
Total assets as at December 31, 2022 amounted to $640.47 billion (2021: $609.02 billion). This was mainly attributable to ‘Loans and notes receivable’ which amounted to $165.98 billion (2021: $137.74 billion).
Shareholders’ equity totalled $49.53 billion (2021: $65.67 billion). As a result, book value per share stood at $24.52 (2021: $32.64).
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