June 1 2026
JMMB Group Limited (JMMBGL)
Audited Financials for the Year Ended March 31, 2026
JMMB Group Limited (JMMBGL) for the year ended March 31, 2026, reported a 10% increase in Interest Income totalling $44.86 billion compared to $40.93 billion in the corresponding period last year.
Interest Expense amounted to $30.04 billion (2025: $29.62 billion), representing a 1% year-over-year increase. Consequently, Net Interest Income increased by 31% to $14.82 billion compared to $11.31 billion for the year ended March 31, 2025.
Fee and Commission Income decreased by 4% to close at $2.95 billion (2025: $2.83 billion), while Gains on Securities Trading, net decreased by 26% from $5.79 billion in 2025 to $4.27 billion in the period under review. Foreign Exchange Margins from Cambio Trading grew strongly by 61% to $2.93 billion (2025: $1.82 billion), and Fees Earned from Managing Funds on Behalf of Clients increased by 11% to $2.70 billion (2025: $2.44 billion). Net Gain from Financial Assets at Fair Value Through Profit or Loss increased by 196% to $812.11 million (2025: $274.73 million).
As a result, Operating Revenue Net of Interest Expense for the year ended March 31, 2026, amounted to $29.07 billion, a 15% increase relative to $25.22 billion reported in 2025.
Total Operating Expenses for the year ended March 31, 2026, amounted to $25.02 billion, a 5% increase relative to $23.82 billion reported in 2025, driven by a 8% increase in Staff Costs to $12.31 billion (2025: $11.43 billion) and a 3% increase in Other Expenses to $12.71 billion (2025: $12.39 billion).
Impairment Loss on Financial Assets decreased by 15% to $1.61 billion (2025: $1.90 billion), reflecting improving asset quality across the loan portfolio.
Share of Profit of Associates declined by 68% to $860.33 million (2025: $2.67 billion), partly reflecting the normalisation of associate performance following exceptional prior-year contributions.
Finance Costs also declined by 24% to $1.33 billion (2025: $1.75 billion).
Profit Before Taxation for the year ended March 31, 2026, amounted to $1.95 billion, a 9% increase relative to $1.79 billion reported in 2025. Taxation charge for the year ended March 31, 2026, amounted to $73.81 million (2025: Tax credit of $1.95 billion). As such, Net Profit for the year decreased by 50% to $1.87 billion (2025: $3.74 billion), the prior year having benefited materially from a large deferred tax credit.
Net Profit attributable to Stockholders of the Parent for the year amounted to $1.55 billion (2025: $3.51 billion). Total Comprehensive Income for the year, which includes other comprehensive income items such as unrealised gains on debt securities at FVOCI and foreign exchange translation movements, amounted to $5.48 billion (2025: $1.48 billion), with Total Comprehensive Income attributable to Equity Holders of the Parent reaching $5.03 billion (2025: $1.23 billion).
JMMBGL’s full-year performance reflects a structurally stronger core business, with Net Interest Income expanding by 31% on the back of a widening interest rate spread and strong loan growth. The contraction in Net Profit year-over-year is primarily a function of accounting rather than operational deterioration — the prior year’s results were substantially inflated by a $1.95 billion deferred tax credit that did not recur in the current period. Adjusting for this, the underlying business showed meaningful progress: operating revenues grew 15%, impairment losses declined, and finance costs compressed. The normalization of associate profits from SFC weighed on the bottom line, but JMMBGL’s diversified revenue streams — including a 61% surge in cambio trading margins and a near-tripling of net gains from FVTPL assets — demonstrate the Group’s capacity to generate income across multiple channels. Management of costs remained disciplined, with operating expenses rising only 5% against a 15% revenue increase.
Consequently, Basic and Diluted Earnings Per Stock Unit for the year amounted to $0.79 (2025: $1.80), and the number of shares used in these calculations was 1,955,552,532.
Notably, JMMBGL’s stock price closed at $15.12 on May 29, 2026, representing a P/E ratio of approximately 19.07x on trailing twelve-month EPS of $0.79.
Balance Sheet Highlights
The Group’s total assets stood at $761.55 billion at March 31, 2026 (2025: $705.46 billion), representing an 8% year-over-year increase. The primary drivers of asset growth were a $43.04 billion increase in Investment Securities to $359.52 billion (2025: $316.48 billion), a $19.14 billion increase in Loans and Notes Receivable to $236.38 billion (2025: $217.24 billion), and a $4.10 billion increase in Balance with the Central Bank to $32.38 billion (2025: $28.26 billion). These increases were partially offset by a $6.51 billion decline in Cash and Cash Equivalents to $32.98 billion (2025: $39.49 billion) and a $5.69 billion decrease in Other Receivables to $8.04 billion (2025: $13.73 billion). Interest in Associates grew modestly to $47.36 billion (2025: $46.78 billion).
On the liabilities side, total liabilities increased by 8% to $701.21 billion (2025: $649.82 billion). Customer Deposits grew by 18% to $267.77 billion (2025: $226.32 billion), reflecting continued deposit mobilisation across the Group’s banking operations. Notes Payable increased by 28% to $68.65 billion (2025: $53.73 billion), while Repurchase Agreements declined slightly to $307.94 billion (2025: $311.25 billion).
Total Stockholders’ Equity grew by 8% to $60.34 billion (2025: $55.64 billion). Equity attributable to the Parent increased to $57.85 billion (2025: $53.74 billion), representing a Book Value Per Share of $29.58 (2025: $27.47).
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