JMMBGL targets two acquisitions by FY 2021/22

September 22, 2021

Mr. Keith Duncan, CEO of JMMB Group, commented on the financial performance of the company. Operating revenue net of interest expenses for the FY2020/21 amounted to $22.44 billion (FY2019/2020: $21.52 billion), a growth of 4% year over year. This translated to a 9% increase in net profit for the year to total $7.72 billion compared to $7.07 billion reported for 2020. However, due to COVID-19, operating revenue net of interest expense for the first quarter ended June 2021 amounted to $6.86 billion (2020: $5.00 billion) and a 48% increase in net profit to $1.93 billion compared to $780.21 million reported for the similar period of 2020.

 2020/21 achievements as a Group: 

  1. Successful preference share offer was oversubscribed by 66%
  2. 22.73% ownership of Sagicor Financial Company (SFC) contributed J$1.9 billion in earnings for FY2020/21 and $698.4 million in dividends was received.
  1. Rated jmA/A+ rating by CariCRISS in September 2020, BBB by Pacific Credit Rating in December 2020 and A-af rating by Feller Rate in August 2021
  2. All JMMB Group’s entities remained well capitalized above regulatory requirements limits
  3. Total number of clients across the Group is 386, 000+ (33,000 new clients to the Group in FY2020/21, a 9% year over year growth).
  4. New business lines growth:
    • JMMB Express Finance (T&T) Limited: profitable after 30 months of operations
    • JMMB Funds (DR): 1st Time profitable since launch in 2016
  1. New Segment Growth, JMMBGL was able to achieve the following for their Small & Medium Enterprise (SME) clients:
    • US$35 Million in funding from IDB Invest
    • JMMB Group Resource Center (Partnership in action)
    • Improved access to financing via Improved Adjudication Framework

For FY2020/21, Management short to medium COVID-19 Strategy was:

  1. Client Partnership:
    • Created initiatives to protect Clients’ goals
    • Structured and equipped our teams to maintain partnership around client segments
    • Focused on digital service delivery and partnership
  1. Liquidity Management:
    • Ensured the Group’s agility in responding to market conditions and opportunities
  1. Capital Management
    • Supported the successful build out of our regional and business line diversification strategy
  1. Expense Management
  2. Business Continuity


JMMBGL’s high level strategic response includes:

  1. Respond: resolve short-medium strategic shocks
  2. Reassess: find opportunities to grow top and bottom line
  3. Rebound: prepare to coexist with COVID-19
  4. Reinforce: roll over efficiency gains into new normal

JMMBGL’s High Level Approach to Regional and Business Line Build Out:

  1. Acquisition: Acquire and create a portfolio of companies to provide regional integrated financial services
  2. Consolidation: consolidate for more efficient operations across the Group
  3. Growth: Scale Start Ups, expand market share and solidify market dominance
  4. New Growth: new business units, new segments, new markets

The Group’s new focus areas include:

  1. People
  2. Client Partnership
  3. Client Access
  4. Operational Efficiency and productivity
  5. Inorganic growth

Management mentioned the Group’s outlook are as follows:

    • Two acquisition targets to be closed FY 2021/22
    • Exploration of three acquisition targets currently underway
    • Market engagement plan:
      • Quarterly social media forums and results media briefings
      • Semiannually investor forums and analyst investment talks
      • Annual General Meetings
    • JMMBGL Share repurchase programme. Management noted, “JMMBGL Management has recommended an ongoing share buyback programme to the board for its consideration. In principle there is alignment between board and management and a specific programme will be considered by the Board for approval.”
    • Digital Enhancement:
      • Upgraded Moneyline platform and launch of Mobile app
      • Launch of digital banking platform which includes onboarding portal for new and existing customers
      • 24 Hour Digital Assistant
      • Intelligent ATM


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